Harmoney is neither a bank or a finance company. Harmoney is a lending marketplace. What that means is we provide an intermediary service which allows lenders to connect with borrowers for the purpose of funding their loans. Harmoney also manages the collection and administration of the loans.
In New Zealand, Harmoney's marketplace is a licensed peer-to-peer platform which means individuals, often referred to as "retail lenders" can invest in the loans of other individual borrowers. Loans can also be funded by larger, institutional lenders.
In Australia, Harmoney is not a peer-to-peer lender but still operates a lending marketplace in which individual borrowers have their loans funded by institutional investors.
Harmoney is an institutional lender on the marketplace in both Australia and New Zealand. Harmoney also earns interest on the loans it facilitates, and receives income via the Establishment Fee In New Zealand and the Platform Fee in Australia. It also receives income via Payment Protect commission.
Harmoney's platform is also entirely online, cloud-based and automated, which means we’re open for business 24/7.