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Harmoney Celebrates $100m of Lending

New Zealand's first peer-to-peer lender Harmoney has made over $100 million of loans and celebrates its first anniversary this week.

Harmoney's highlights from a first year of trading included creating 65 jobs, as well as seeing both Heartland Bank and TradeMe become shareholders.

Chairman Rob Campbell said: "We are achieving phenomenal growth, and in 12 months have attracted 70,000 loan enquiries worth $1 billion and welcomed 3000 active personal investors to our marketplace."

Lenders had average account balances of $6000, and had enjoyed average yields of about 13 per cent net of fees and losses, Harmoney said, though a focus on lower-risk borrowers means credit losses have been low. The average weighted borrower rate has been 18 per cent, excluding fees.

Click here to read full article in Stuff.co.nz


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