Harmoney

Last updated

Harmoney
Company type Limited
Industry Personal finance
Founded Auckland, New Zealand
(2013)
HeadquartersNewmarket
Auckland, New Zealand
Key people
David Stevens, CEO; Neil Roberts, CPO and Founder; Simon Ward, CFO; Brad Hagstrom, COO [1]
ProductsPersonal Loans
Website

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.[ citation needed ]

Contents

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.[ citation needed ]

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

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. Elisara, Greg (12 January 2015). "Trade Me pays $7.7 million for 15% stake in peer-to-peer lender Harmoney". Harmoney. 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 | Raises $47 million". Harmoney. Retrieved 7 September 2020.
  14. "Harmoney Financial Results Media Release August 2020". Harmoney. Retrieved 7 September 2020.
  15. "Harmoney lists on ASX and NXZ after successful A$92.5m IPO - A$353m market captilisation". Harmoney. Retrieved 22 July 2021.