The company launched on 10 September 2014 with NZ$100 million of committed lending capital from institutions including Blue Elephant Capital Management and Heartland Bank. Over its first year of operation, Harmoney has facilitated NZ$100 million of personal loans in less than 12 months, the company said. Harmoney is preparing to launch in Australia.
Harmoney brings lenders - called investors - and borrowers together. Ninety percent of the loans were funded by the marketplace within 24 hours, the company said.
"Kiwis, in keeping with their reputation as early adopters, are embracing Harmoney's P2P offering with enthusiasm. We are achieving phenomenal growth, and in 12 months have attracted 70,000 loan enquiries worth NZ$1 billion and welcomed 3,000 active personal investors to our marketplace, www.harmoney.co.nz. With the exception of China, this level of growth is unheard of, and reflects the hard work and experience of the team," said Harmoney CEO, Neil Roberts.
Harmoney is focusing on making greater use of emerging technology, particularly mobile, developing channels to market, enhancing its online marketplace with new products for high net worth individuals, and growing even faster.
New Zealand is one of the first countries in the world to overhaul securities law and to allow for peer to peer lending platforms which can act as a challenge to traditional banking. P2P lending platforms operate with benchmark operational costs far lower than any main street bank and typically pass on the savings to lenders using the platform. Investors are able to achieve higher rates of return (target 12%). The service providers are regulated, licensed and policed by the Financial Markets Authority (FMA).
Harmoney is focusing on making greater use of emerging technology, particularly mobile, developing channels to market, enhancing its online marketplace with new products for high net worth individuals, and growing even faster.
New Zealand is one of the first countries in the world to overhaul securities law and to allow for peer to peer lending platforms which can act as a challenge to traditional banking. P2P lending platforms operate with benchmark operational costs far lower than any main street bank and typically pass on the savings to lenders using the platform. Investors are able to achieve higher rates of return (target 12%). The service providers are regulated, licensed and policed by the Financial Markets Authority (FMA).
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