Harmoney facilitates $200m of loan volume, pays lenders on the marketplace $15m in interest income, and closes an $8.5m Series B financing round
Harmoney Corp Limited, Australasia’s largest and fastest growing peer-to-peer lending marketplace, has confirmed the sale of $8.5m of Series B shares to a US-based investor and UK-based P2P Global Investments PLC (P2PGI). The Series B round values Harmoney at $109m.
This development comes as Harmoney moves swiftly towards the milestone of having facilitated loans to creditworthy borrowers totaling nearly $200 million since its launch just 17 months ago.
Harmoney founder and co-CEO Neil Roberts comments: “We’re delighted with the new arrangement, which, as we see it, is further validation of our strong performance since launching in September 2014. It is also attributable to our increase in origination volumes, conservative credit underwriting and strong management team.”
The new working capital will provide the necessary cash reserves to expand Harmoney’s suite of product offerings, increase headcount and support its growth forecasts in both New Zealand and Australia.
“Harmoney will continue to invest in our online marketplace,” adds Roberts. “We are focused on continuously enhancing the experience for both Borrowers and Lenders.
Harmoney is the only New Zealand or Australian platform to achieve the credit underwriting standard to attract local and offshore institutional lending capital, enabling Harmoney to have $500m of lending capital to fund borrowers in the marketplace.
For more information:
Kelly Bennett, One Plus One Communications +64 21 380 035
For queries please contact:
CEO & Managing Director
+61 434 405 400
Harmoney is an online direct personal lender that operates across Australia and New Zealand providing customers with unsecured personal loans that are easy to access, competitively priced (using risk-adjusted interest rates) and accessed 100% online.
Harmoney’s purpose is to help people achieve their goals through financial products that are fair, friendly, and simple to use.
Harmoney’s proprietary digital lending platform, Stellare™, facilitates its personalised loan product with applications processed and loans typically funded within 24 hours of acceptance by the customer. Stellare™ applies a customer’s individual circumstance to its data-driven, machine learning credit scorecard to deliver automated credit decisioning and accurate risk-based pricing.
- Harmoney provides risk based priced unsecured personal loans of up to $70,000 for three or five year periods to customers across Australia and NZ
- Its direct-to-consumer and automated loan approval system is underpinned by Harmoney’s scalable Stellare™ proprietary technology platform
- A large percentage of Harmoney’s originations come from 3R™ (repeat) customers
- Harmoney is comprised of a team of ~80 full-time employees across Australia and New Zealand, over half of whom comprise engineering, data science and product professionals
- Harmoney is funded by a number of sources including two “Big-4” bank warehouse programs across Australia and New Zealand and a facility from M&G Investments