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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 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.
Harmoney started with peer-to-peer lending; it ceased providing retail investors with new loans on 1 April 2020.
Harmoney launched on 10 September 2014, after it had obtained a licence by the Financial Markets Authority on 8 July 2014. At that time, the company said it had NZD $100 million available to lend from four main investors including Heartland Bank.
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. 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.
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.
In November 2020, Harmoney successfully completed a dual listing on the Australian ASX and New Zealand NZX stock exchanges.
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