Big boost for Harmoney
International peer-to-peer operator P2P Global Investments has agreed to provide up to $200 million of lending capital to Harmoney, which will be used to support continued growth in the New Zealand market and the upcoming Australian operation.
Friday, September 25th 2015, 11:15AM
Harmoney is New Zealand's first peer-to-peer operator and has been in operation for a year.
It has seen strong growth and issued more than $100 million in loans before it reached its first anniversary.
Its chief executive Neil Roberts said he expected it to have its first $2 million day within the next couple of months.
But to break into the Ausrtralian market it needs more capital.
P2PGI has also taken an equity stake in Harmoney, which now values the company at $100 million, up from $55 million in January when Trade Me took its stake.
Heartland Bank is also a backer.
Roberts said: “We are delighted to have P2PGI as a key shareholder. P2PGI has been an institutional investor on the Harmoney marketplace since early 2015. Their equity investment in the company aligns the two parties even closer. P2PGI is one of the world’s largest dedicated P2P marketplace funds and we join an exclusive list of the world’s leading platforms that P2PGI has selected to invest in.”
| « Attractive yields on offer at Harmoney | NZ’s 4th P2P lender to target SMEs » |
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