Half a billion worth of loans from Kiwi fintech Harmoney
New Zealand fintech Harmoney has hit a massive NZ$500 million in loans written.
Kiwi marketplace lender Harmoney has hit NZ$500 million in loans originated, the largest milestone achieved by a New Zealand-based fintech lender.
The company, which has 30,000 users, has hit this high watermark in part through its partnerships with two Kiwi banks: TSB and Heartland.
The milestone solidifies Harmoney’s position as one of the largest marketplace lenders in Australasia.
“Our lenders and borrowers are everyday New Zealanders, from all walks of life, who have truly embraced the sharing economy and New Zealand’s lend a hand attitude by switching to Harmoney,” the company said in a press release.
Most borrowers come to Harmoney to help pay off credit card debt which is often at higher rates than fintech, the company said. Other major reasons for borrowers having been renovations, holidays and car upgrades.
While the company set up shop in Australia in 2015, its business remains overwhelmingly in New Zealand, where its headquarters are.