Press release

Harmoney announces change to platform; focuses on innovation in services to borrowers

All future loans will now be funded by Harmoney & its wholesale funders

, 13 February 2020

In the wake of steady, sustained growth, heavy investment in services and technology, and a market-changing influence on the costs and opportunities for borrowers since the company’s founding in 2014, fintech pioneer and leading digital lending platform provider Harmoney will fund all loans directly and as a result will no longer accept retail investments from 1 April 2020.

The move means no new retail investor applications will be accepted from 13 February 2020, and while current retail lenders will continue to receive interest and capital repayments on the loans they hold, no new investment will be facilitated from 1 April 2020.

There is no change to the experience, service or offering for borrowers in New Zealand and Australia, who can continue to use the platform as usual.

Harmoney CEO David Stevens says, “Harmoney was established to create better opportunities for Kiwis – and then Australians. Our aim was always to bring much better choice for consumers, along with unprecedented transparency to the financial services industry. With our original peer-to-peer model in New Zealand, we disrupted the personal finance market and created better outcomes for borrowers and lenders. We believe we have even played a part in lowering the cost of borrowing.

 “Closing the retail lending part of the platform is a decision we have come to over time. While a move we make reluctantly, it is necessary to free up resources so that Harmoney can continue to innovate, enhance value and create a better user experience for borrowers.”

 For existing retail lenders, loans will simply run down as payments are collected and lenders’ accounts will be credited in the same process as exists today.

 Mr Stevens says, “Harmoney will manage the scaling down of the retail book so that there is minimum impact on lenders who will continue to enjoy the collection service they are accustomed to.”

 “Our purpose is to help and inspire people to achieve their goals through financial products that are friendly, fair and simple to use, and we are proud that Harmoney created a new class of retail investment and has become a Kiwi-made Australasian success story in what is still a young sector. We recently completed a successful Series C capital raise, and have surpassed $1.5 billion in lending, and we look forward to continuing to innovate for the improvement of the whole industry and to support borrowers and investors.”

Harmoney is communicating the change directly with retail lenders. The terms of existing loans, and borrower obligations, are unchanged; tax certification and regular reporting will continue to be issued; and Harmoney will retain its P2P licences (issued by the FMA in 2014).


David Stevens

Harmoney CEO

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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