Harmoney - 2019 in review
, 30 December 2019
Harmoney celebrated its fifth birthday in 2019 with some major achievements. We asked our executive team to look back at the year that was, and a give us a glimpse of what's in store for 2020.
Press release
For queries please contact:
Investors
David Stevens
CEO & Managing Director
investors@harmoney.co.nz
Media
Courtney Howe
+61 404 310 364
courtney@domestiqueconsulting.com.au
About Harmoney
Harmoney is an online direct personal lender that operates across New Zealand and Australia providing customers with unsecured personal loans that are easy to access, competitively priced (using risk-adjusted interest rates) and accessed 100% online.
Harmoney’s purpose is to help people achieve their goals through financial products that are fair, friendly, and simple to use.
Harmoney’s proprietary digital lending platform, Stellare™, facilitates its personalised loan product with applications processed and loans typically funded within 24 hours of acceptance by the customer. Stellare™ applies a customer’s individual circumstance to its data-driven, machine learning credit scorecard to deliver automated credit decisioning and accurate risk-based pricing.
Business fundamentals
- Harmoney provides unsecured personal loans of up to $70,000 for three or five year periods to customers across New Zealand and Australia
- Its direct-to-consumer and automated loan approval system is underpinned by Harmoney’s scalable Stellare™ proprietary technology platform
- During FY20, 65% of originations were “3R” (repeat) customers, with losses on repeat loans approximately 40% lower than first time loans
- Harmoney is comprised of a team of ~60 full-time employees across Australia and New Zealand, half of whom comprise engineering, data science and product professionals
- Harmoney is funded by a number of sources including two “Big-4” bank warehouse programs across Australia and New Zealand and a facility from M&G Investments