Press release

Harmoney Financial Results Media Release August 2020

, 1 September 2020

Harmoney Reports Strong Underlying Revenue in FY20 

FY20 A Period Of Transition to On-Balance Sheet Loan Funding

Harmoney, the largest exclusively online lender in Australasia has ended its FY20 financial year with NZ$37 million of revenue as it accelerates its transition from a peer-to-peer model to loans funded from warehouse facilities. 

Harmoney’s FY20 reported results cover an extended 15-month period as it has shifted its final balance date from 31 March to 30 June.

Harmoney CEO David Stevens says the financial period to 30 June 2020 has been a significant transition phase for the group as it closed its retail lender marketplace and continued its pivot to on-balance sheet loan funding. 

 “While revenue has remained strong, Harmoney reported an overall net loss of NZ$15.4 million in FY20, which is attributable in large part to the group’s transition to on-balance sheet loan funding, with immediate provision for expected future period credit losses, as well as a reduction in expected future revenue from peer-to-peer funded loans. We also incurred one-off set-up costs associated with establishing our corporate debt facility and Australian warehouse facility.

 “This year of transition has seen us set new in-house records for lending volume, open and grow warehousing facilities, and complete a Series C capital raise. All this activity marks a maturity of the business model and confirms the validity of online lending.

 “The success of the Series C funding round and debt capital raising was a vote of confidence in Harmoney’s business model, the quality of our loans, and our vision for future growth. The round diversified our funding lines and enabled us to invest in digital innovation, scale our business and expand our debt warehousing programme.”

Harmoney finished the year in a strong financial position with finance receivables of NZ$129 million, cash of NZ$35 million and net assets of $29 million.

 Key highlights: 

  • The Harmoney Group has disrupted the digital lending market in Australasia, having surpassed more than NZ$1.7 billion in loan volume with almost 50,000 customers across Australia and New Zealand. Harmoney’s final pre-COVID quarter (October to December 2019) was record-breaking, with total lending averaging more than NZ$50 million per month.

  • Harmoney’s R&D spend remains strong at NZ$6.4 million for the financial year.

  • Harmoney seeded its first securitisation warehouse in December 2018 and grew that facility to NZ$140 million over the course of FY20. In January 2020 it seeded a second warehouse facility of AU$115 million - its first in Australia.

  • Marketing spend increased from NZ$9.4 million to NZ$14.1 million, signifying consistent investment in Australia.

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.

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