Fintech lending marketplace Harmoney has reached the milestone of issuing over $1bn in loans, an Australasia first, according to the company.
Harmoney has issued nearly 51,000 loans to over 32,000 borrowers across Australia and New Zealand to date. With 45 per cent of its borrowers being home owners, nearly half the platform’s loans were used for debt consolidation and home improvements. Additional uses for its loans have included business cashflow, clearing of overdrafts and medical expenses, to name a few.
At the end of March this year, the marketplace platform recorded an 87 per cent growth in revenue over the 12-month period, a significant driver for the $1bn milestone. Harmoney has now invested nearly $10m back into the company for development and research in its bid to remain the number one Australasian fintech marketplace.
The firm has also recently surpassed 8,500 retail investors, who have collectively received over $35.2m in interest to date.
Neil Roberts, joint CEO at Harmoney, said in an announcement: “To achieve a milestone like this we needed to drive investment in the whole fintech sector, which remains fledgling compared with the big banks.”
“We have also attracted foreign capital investment and boosted competition in a market that has long been dominated by Australian-owned companies.”