MoneyMe appoints Dave Taylor to the board, acquires SocietyOne

David Taylor, Director of MoneyMe

MoneyMe Limited (ASX: MME) is pleased to announce the appointment of David Taylor to the MoneyMe Board of Directors. Dave was a director of SocietyOne Holdings Pty Ltd from March 2018 until the completion of MoneyMe’s acquisition of SocietyOne, earlier this month.

His appointment is in accordance with the terms of the merger implementation agreement between MoneyMe Limited, SocietyOne and others, which provided for SocietyOne to nominate a person to become a director of MoneyMe with effect from Completion.

Dave brings varied industry experience to MoneyMe

Dave has 30 years of experience across retail banking, payment systems, superannuation, wholesale banking, fund management, capital markets and fintech  partnerships.

Prior, Dave was the CEO of G&C Mutual Bank, where he is now a director. He also held senior executive positions at Credit Union Services Corporation (CUSCAL) and Finance Industry Consulting Services. He is also a director of CUFSS Limited and Shared Service Partners Pty.

Dave holds a First Class Honours Degree in Political Economy from the University of Adelaide, and is a Graduate of the Australian Institute of Company Directors. MoneyMe’s Chairman, Peter Coad, said of the hire: “We are delighted to welcome Dave to the MoneyMe Board.”

“As the business continues to drive growth plans, Dave’s experience and detailed knowledge of the SocietyOne business coupled with his broad financial services experience will add additional capability to MoneyMe and support the integration and benefits of the acquisition.”

89% of SocietyOne shareholders received 66,407,225 MoneyMe shares, with 11% of the  consideration paid as a cash consideration option totalling just over $14.5 million. SocietyOne shareholders as a result,  now own 28% of MoneyMe post transaction.

MoneyMe to harness SocietyOne’s strong market position

The transaction delivers a powerful combination of two of the leading innovators in the consumer lending market and will harness SocietyOne’s strong brand recognition as a pioneer in disruptive personal lending, with MoneyMe’s leadership in product innovation, efficiency and  customer experience through its proprietary technology platform (Horizon).

The MoneyMe and SocietyOne both bring complementary distribution abilities that will span across direct digital, direct traditional, broker, agent and dealer, and deliver improved data.

The business will deliver leading customer experiences with the increased scale accelerating the Group’s pace of winning market share from incumbent lenders. MoneyMe was assisted on the transaction by Morgan Stanley as financial adviser and Gilbert+Tobin as legal advisor.

Clayton Howes, MoneyMe’s Managing Director and Chief Executive Officer said: The SocietyOne acquisition combines two of the most widely recognised consumer credit disruptors to deliver immediate scale advantages and incremental revenue opportunities.”

“The strategic value is immense for both, and we are incredibly excited. The opportunity to accelerate growth will be quickly realised by combining the strengths of both brands.”

“Cost efficiencies will be delivered by migrating SocietyOne operations onto MoneyMe’s high-tech Horizon technology platform. The SocietyOne brand will thrive and will benefit from access to MoneyMe’s diversified product set and ability to deliver leading client experiences.”

“There are many new innovations we will expand on, like the SocietyOne credit score product which will be brought to the MoneyMe client base and the Banking-as-a-Service partnership with Westpac. We are excited to be leading industry consolidation and fast tracking our journey to become  the number one non-bank credit provider in Australia.”