Harmoney's CEO interviewed by Interest.co.nz

Harmoney's CEO interviewed by Interest.co.nz

Posted 26 April 2014.

Harmoney's CEO, Neil Roberts, sat down with Gareth Vaughan of Interest.co.nz as part of their Double Shot interview series. Here are some of the highlights...

  • Credit cards and personal loans are 12 and 10 times more profitable than the rest of the bank, respectively: “The beauty about personal loans is we’re attacking a very profitable part of the banks’ business, but it’s a very simple product that has produced a result for the bank that’s near riskless because it’s so predictable.” 
  • Peer to peer lending doesn't use leverage:  “So we’re not loaded up with debt like a bank.” 
  • Investors can diversify their portfolio broadly:  “If a borrower applies for $10,000, we’ll break that down to $25 lots (from lenders). And we encourage people to take a huge spread of their risk so if any one loan does get into trouble, it’s only a very small part of the overall portfolio.”
  • Harmoney has a vision: “The vision is to be part of New Zealand’s savings and to keep the banks honest.”
  • Peer to peer lending is a disruptor: “We’re hoping people will grow with us, see this for what it is; A disruptive play against the banks.”

See the full interview below: