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Harmoney

Harmoney is an online direct personal lender that operates across Australia and New Zealand. The company was established in 2014 to introduce peer-to-peer lending to New Zealand. Harmoney provides personal loans and has issued NZD $2 billion worth of loans as of March 2021.

Launched in September 2014, Harmoney was the first licensed provider in New Zealand after peer-to-peer lending and crowdfunding were enabled on 1 April 2014, following the passing of new financial legislation in New Zealand.[2][3][4]

Harmoney started with peer-to-peer lending; it ceased providing retail investors with new loans on 1 April 2020.[5]

History

Harmoney was founded in late 2013 by Neil Roberts who became CEO of the new company.[6] Roberts is the largest share owner of Harmoney. Heartland Bank announced it had taken a 10% stake in the platform and provided a funding line in September, 2014.[7][8]

Harmoney launched on 10 September 2014, after it had obtained a licence by the Financial Markets Authority on 8 July 2014.[9] At that time, the company said it had NZD $100 million available to lend from four main investors including Heartland Bank.[10]

Trade Me announced in January 2015 it had acquired a 15% stake for $7.7 million. Soon after, then-CFO Jonathan Klouwens joined Harmoney's board of directors.[11][12] Icehouse (New Zealand based business incubator) holds a 2% stake.

In October 2019, Harmoney successfully completed a Series C funding round which raised AU$22.9 million (NZ$25 million) in capital from Australian private equity firm Kirwood Capital and a private institutional investor based in New Zealand. In addition, Harmoney implemented a AU$20 million (NZ$21.9 million) corporate debt facility with an Australian investment fund to bring the raising to AU$42.9 million (NZ$47 million). The corporate debt facility was to be used to expand Harmoney's customer base and debt warehousing programme.[13]

In September 2020, Harmoney announced its full year financial results for the financial year ending June 2020. Revenue was $37 million, with a net loss of NZ$15.4 million, 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.[14]

In November 2020, Harmoney successfully completed a dual listing on the Australian ASX and New Zealand NZX stock exchanges.[15]

See also

External links

References

  1. Harmoney management team retrieved 8 September 2020^
  2. Harmoney the first peer-to-peer lender to obtain a licence from the FMA - interest.co.nz retrieved 28 October 2014^
  3. NZ's first licenced online peer-to-peer lender now up and running - interest.co.nz retrieved 28 October 2014^
  4. Cabinet rubber stamps regulations for crowd funding and peer-to-peer lending - interest.co.nz retrieved 28 October 2014^
  5. Peer-to-peer platform Harmoney shuts door to investors Stuff.co.nz, retrieved 14 February 2020^
  6. About Harmoney Peer Lending Harmoney^
  7. Banks' personal loans and credit card business in the sights of peer-to-peer lending applicant Harmoney - interest.co.nz retrieved 28 October 2014^
  8. Heartland invests in HarMoney funding, after taking 10% stake TVNZ, retrieved 28 October 2014^
  9. FMA issues first NZ peer to peer licence Financial Markets Authority NZ, retrieved 24 March 2015^
  10. HarMoney launches with $100m to lend The New Zealand Herald, retrieved 28 October 2014^
  11. Greg Elisara. Trade Me pays $7.7 million for 15% stake in peer-to-peer lender Harmoney Harmoney, 12 January 2015, retrieved 12 June 2016^
  12. Trade Me acquires stake in peer-to-peer lender Harmoney Investor Relations – Trade Me Group Ltd, 12 January 2015, retrieved 12 June 2016^
  13. Personal loans company Harmoney Harmoney, retrieved 2020-09-07^
  14. Harmoney Financial Results Media Release August 2020 Harmoney, retrieved 2020-09-07^
  15. Harmoney lists on ASX and NXZ after successful A$92.5m IPO - A$353m market captilisation Harmoney, retrieved 22 July 2021^