Press release

Harmoney Reaches $1 Billion in Lending

Nearly half of Borrowers consolidating debt or improving their home; more than $35 million in interest paid to retail investors.

Parnell, 12 November 2018

Harmoney, Australasia’s largest fintech lending marketplace, has marked another first for fintech in New Zealand and Australia by hitting $1 billion in loan volume. The milestone comes as the company’s operations soared between FY17 and FY18, with 87% revenue growth.

Harmoney’s loan book primarily consists of borrowers in the 30-49 age bracket, with an average age of 45; the book is skewed towards home owners (45% of borrowers) and skilled workers, chiefly office workers (37%) and other professionals. Just under 51,000 loans to more than 32,000 borrowers have been serviced via the Harmoney marketplace across New Zealand and Australia.

Borrowers primarily access loans via Harmoney for debt consolidation (35.2% of all loans) and home improvements (13.8%). On behalf of a number of borrowers who have taken out loans for debt consolidation purposes, Harmoney has distributed more than $164 million directly to third-party creditors such as banks.

Other oft-cited loan purposes include business cash flow, to clear an overdraft, education expenses, medical expenses, and funeral expenses.

Payment transactions via Harmoney’s bespoke platform now number in the tens of millions, with more than 65 million investor payment transactions and more than 1 million transactions on the borrower side. Total retail investors have surpassed 8,500 and they have collectively been paid more than $35 million in interest.

Joint CEO Neil Roberts says, “To achieve a milestone like this we needed to drive investment in the whole fintech sector, which remains fledgling compared with the big banks. We have created highly paid, high-skilled jobs in this industry and helped build valuable weightless export revenue, which is crucial to the future health of the New Zealand economy. We have also attracted foreign capital investment and boosted competition in a market that has long been dominated by Australian-owned companies.

“We are proud to be part of a successful New Zealand Inc story as a Kiwi tech company opening up competition both in New Zealand and across the ditch with fairer rates. Whether the growth of Harmoney and the reduction in the cost of borrowing in personal lending is coincidental or causative is for economists to decide, but the upshot is that our marketplace gives choice, freedom and opportunity to borrowers and lenders, and that’s a real achievement in the Australasian context.”

Earlier, Harmoney rounded off the year ended 31 March 2018, just its third full year of operation, by recording 87% growth in revenue. During the year, the company continued to invest in its platform, with close to $10m spent on research and development and other technology-related costs.

Fact Sheet

  • The average age of a Harmoney borrower is 45, and 45% of borrowers own their home and are paying a mortgage; 37% work in an office and 20% in a trade;
  • Just under 51,000 loans to 32,100 borrowers have been serviced via the Harmoney marketplace to date; 29,066 of borrowers are in New Zealand and 3,034 in Australia;
  • Harmoney has 8,572 retail investors who have been paid $35.2 million in interest;
  • All borrowers using the Harmoney platform are required to give a reason/s for their borrowing. The most commonly cited are (in descending order):
    • Debt consolidation (29,408 loans or 35.2% of all loans);
    • Home improvements (11,960 loans; 13.8%);
    • Business cash flow (3,269 loans; 4%);
    • To clear an overdraft (2,086 loans; 2.7%);
    • Education expenses (1,464 loans; 1.7%);
    • Medical expenses (1,192 loans; 1.46%);
    • Funeral expenses (720 loans; 0.9%).

About Harmoney

Founded in New Zealand in 2014, Harmoney is a leading digital platform lender in Australasia and the largest in the New Zealand market.  


Harmoney has:

  • Facilitated $1.7 billion in loan volume via over 80,000 loans;

  • Has been awarded the Canstar 5-award Outstanding Value (A1 – A5) two years in a row;

  • Created highly skilled and highly paid roles in Auckland, Sydney, and Suva;

  • Was a finalist 2017 and 2020 NZ Hi-Tech Awards;

  • Winner of the Best Personal Loan (Risk-Based) category at the 2019 Finder Awards in Australia;

  • Winner of the ‘Best Use of SEM/SEO’ category in the 2019 IAB New Zealand Digital Advertising Awards.

For press queries

Visit here