Harmoney today announced that it was the first lender in New Zealand to reach the standard required to obtain a Peer-to-Peer Lending License as granted by the sector's regulator, the Financial Markets Authority.
Harmoney CEO Neil Roberts says that Harmoney is delighted to be the first Peer-to-Peer lender in New Zealand which is the fastest growing form of lending in the world and is completely changing the way people borrow and invest.
"Harmoney has a fully compliant online platform that automates the process of investing and borrowing. The system is fast, easy to use and offers a marketplace in which to transact with Bank Grade Security. This investment in people and systems has paid off with Harmoney being the first Peer-to-Peer Platform in New Zealand to obtain licensed status," says Roberts.
Roberts adds that the Harmoney team launched a similar business with over $3b in loan applications processed from start-up phase and prior to the sale of the business to GE Money.
"Harmoney has a stellar team and Board with outstanding financial experience and business credentials that are second to none. We couldn't be more excited to lead the charge and shake up New Zealand's personal lending market with a new competitive and technologically advanced investment and lending platform. We appreciate how well the Financial Markets Authority has managed the regulatory process."
"We look forward to announcing more as part of Harmoney's official launch date which is not far away and until then we will be working to fine-tune systems and our exciting new lending platform."
Peer-to-Peer has been extremely successful overseas and is growing at nearly 200% per annum. In the USA, Google-backed Lending Club is expected to float this year with a market value of $5bn. In the UK, the Government has invested GBP100m of Public Funds through Peer-to-Peer Lending Platforms whilst allowing individuals to invest with Super and Tax Free funds.