CANSTAR caught up with Monica Mathis, Harmoney’s general manager sales and marketing, to find out what the P2P lender has been working on, as well as predictions for the future of P2P lending.
Q: Harmoney has been operating for two years now, what milestones have you reached and what are some of the highlights for you as a P2P lender?
“It’s been very exciting to see the business scale so quickly and, despite regulatory uncertainty in New Zealand, Harmoney continues to experience strong growth. Having originated over $360M of loans, roughly $5.67 per second, this makes Harmoney the largest and fastest growing marketplace lender in Australasia.
Founder Neil Roberts recently stated:
“Thousands of New Zealanders borrow and lend every day on the Harmoney platform and we have gone about building, launching and operating the platform in exactly the manner anticipated by the new legislation that made p2p platforms possible in New Zealand. Harmoney has built a highly transparent and interactive marketplace since it became the first operator in this new area of financial services in New Zealand.”
Source: Crowdfund insider
- Over $360 Million in Peer to Peer funded loans transferred through our online marketplace.
- 21,600 Borrowers
- 15,546 Registered Retail Lenders
As well as being very proud to receive recognition from CANSTAR as one of only three providers in our category to achieve a 5-star rating, we’re also happy to have received:
- Ranked 15th in the Tech Pioneers Top 50
- 6/5 Overall Satisfaction Rating based on 3,111 ratings from actual borrowers
- Winner of the Innovators Awards, 2015 in the Financial and Professional Services category.
- Selected as one of the Rising Stars in the Deloitte 2015 Fast 50.
P2P in New Zealand is still relatively new, what changes have you noticed in the market? What changes in the P2P market do you expect to see in the next 12 months?
“Since we launched New Zealand’s first FMA licensed lending marketplace in September 2014, we’ve seen early adopting Kiwis really take to the benefits Harmoney offers in droves. Kiwis are seeking a better way to fund the things they want, without the need to wait in long queues and, instead, through Harmoney, they see their funds in their bank accounts in less than 24 hours after listing.
In the next 12 months, we foresee peer-to-peer lending becoming much more mainstream. Savvy New Zealanders are already starting to question and compare the benefits of their traditional lending providers.
We’re particularly keen on learning and implementing from the successes of our industry found in Britain. The reward would be a $10 billion a year non-bank lending industry with lower costs for borrowers and higher returns for investors.”
Harmoney has now expanded into Australia, how has this transition gone – what have been the successes and challenges of the expansion?
“We’ve entered the Australian market with a private beta approach only. We intend to go to a fuller launch in 2017. New Zealand’s legislation is much further ahead than Australia. We have received both licenses required for our operation in Australia and at present, we are only offering sophisticated investors the opportunity to invest.”
Click here to read CANSTAR’s full personal loan report for 2016.