HARMONEY Completes $200m funding round with a valuation of $100m
Working capital to accelerate growth in NZ and Australia - Investment by world’s leading P2P investment fund, P2P Global Investments PLC
Harmoney Corp Limited, Australasia’s largest and fastest growing peer to peer lending marketplace, today announced that the company has completed a $200m funding round, led by P2P Global Investments PLC (P2PGI) managed by Eaglewood Europe LLP (a subsidiary of alternative asset manager Marshall Wace).
The agreement includes both equity and debt, with P2PGI also signing an agreement for $200m of lending capital for Harmoney’s marketplace. P2PGI will purchase loans from the Harmoney marketplace* up to $200m over the next three years across both the New Zealand and Australian markets.
Harmoney closed a Series A financing round in January 2015 led by Trade Me Limited. That transaction valued Harmoney at $55m. Since then, Harmoney has continued its explosive growth and achieved the following milestones: $1b of borrower enquiry, lending $100m in its first year of business, creating 65 new jobs and delivering $6m of interest income for lenders.
Harmoney Founder, Shareholder and CEO, Neil Roberts, said today: “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.”
*subject to certain performance and eligibility conditions.
- 70,000 loan applications received c. $1bn in value
- Proprietary credit scorecard delivering expected credit performance
- 90% of loans funded by the marketplace within 24 hours
- Welcomed 3000 active individual investors with average account balance of $6,000
- Generated average realised yield of c.13% (net of fees and losses)
- Investors earned total interest income of $6m
- Welcomed several large institutional investors incl. P2P Global Investments PLC
P2P Global Investments PLC is a closed-end Fund incorporated in the United Kingdom with an aggregate market capitalisation of £911 million as of 31 July 2015. The Fund invests in various platforms, asset classes, and credit risk bands to provide with an attractive level of dividend income and capital growth through investments, directly and indirectly, in consumer and SME loans and in corporate trade receivables that have been originated through online peer-to-peer (P2P) platforms globally.
About Marshall Wace LLP
Founded in 1997, Marshall Wace LLP (www.mwam.com) is a $22 billion global asset manager offering a diverse set of alternative, long-only and bespoke investment solutions to a broad range of investors.
The Harmoney team are committed to providing a better way to lend and borrow cutting out the need for traditional banks and finance companies.
Harmoney gained strong acclaim among their borrower community having been awarded a 5-star customer satisfaction rating 4,000 times and counting.
Previous winners of Innovator of the Year, and Deloitte Rising Star awards, Harmoney were also thrilled to be a finalist at the 2017 High Tech awards.
Harmoney was granted the first New Zealand Peer to Peer lending license by the Financial Markets Authority and was the first Kiwi peer to peer lender.
- Operating in Australia and New Zealand
- NZ$500 million transacted by lenders and borrowers on the platform
- 85 new jobs created
- 150,000 accounts created to date across borrowers and lenders
- Heartland Bank and Trade Me cornerstone shareholders