Harmoney, a p2p lending marketplace operating in New Zealand and Australia has completed the sale of $8.5M of Series B shares to a US-based investor and UK-based P2P Global Investments PLC (P2PGI). The Series B round values Harmoney at $109M.
This development comes as Harmoney moves towards the milestone of having facilitated loans totalling $200 million since its launch just 17 months ago.
Harmoney founder and co-CEO Neil Roberts comments: â€œWeâ€™re delighted with the new arrangement, which, as we see it, is further validation of our strong performance since launching in September 2014. It is also attributable to our increase in origination volumes, conservative credit underwriting and strong management team.â€
The new working capital will provide the necessary cash reserves to expand Harmoneyâ€™s suite of product offerings, increase headcount and support its growth forecasts in both New Zealand and Australia.
â€œHarmoney will continue to invest in our online marketplace,â€ adds Roberts. Harmoney is the only New Zealand or Australian platform to achieve the credit underwriting standard to attract local and offshore institutional lending capital, enabling Harmoney to have $500m of lending capital to fund borrowers in the marketplace.