You could fit the entire population of New Zealand (4.5 million people) in the New York City boroughs of Queens and Brooklyn. It is not a big country and certainly not where you would expect to find one of the emerging world leaders in marketplace lending. But Harmoney, celebrating their first year in business, is quickly becoming a force to be reckoned with.
I caught up with the Harmoney team this week to discuss their one-year anniversary and get an update on how they are doing. When I covered their launch 12 months ago I said they were the first platform I had ever seen launch with $100 million in lending capital before making a loan.
At that time they said they would deploy that entire $100 million in their first year. True, to their word, CEO Neil Roberts shared that they crossed that milestone two weeks ago. Here are some of the highlights from Harmoney’s first year in business:
- $1 billion in loan inquiries
- $100 million in approved loans
- 7,200 loans issued ($14K average size)
- 10,000 retail investors, 3,000 logging in several times a day
- 100,000 accounts created on their website
Harmoney was the first platform to be granted a P2P lending license by the New Zealand regulator, the Financial Markets Authority (FMA). The FMA has since granted two more licenses but Harmoney is the only company operating today. They have also recently been granted an Australian Credit License and will be launching operations there shortly.