Congratulations to Harmoney!
Our cup runneth over. We say this because when our customers are successful we see that as our success. We recently talked about our client, LendingPoint, and their success in 2015. LendingPoint shared that last year they funded approximately $20 million in loans and processed 65,000 loan applications, with 12,000 of those processed in December 2015 alone!A few weeks ago another of our customers shared some exciting news. Harmoney Corp Limited, Australasia’s largest and fastest growing peer-to-peer lending marketplace, announced the sale of $8.5m of Series B shares to a US-based investor and UK-based P2P Global Investments PLC (P2PGI). Harmoney is one of Cloud Lending Solutions’ earliest clients.The Series B round values Harmoney at $109m in just 17 months after their launch. In this time, Harmoney has facilitated loans to creditworthy borrowers totalling $200 million, achieved accolades Deloitte’s Rising Star ‘one to watch’ 2015, Innovators Award 2015, and recently the 5 Star CANSTAR award for A grade loans.What is even more impressive is what Harmoney did for investors and borrowers. Harmoney is the only New Zealand or Australian platform to achieve the credit underwriting standard to attract local and offshore institutional lending capital, enabling Harmoney to have $500m of lending capital to fund borrowers in the marketplace. They facilitated NZ$200 million of settled personal loans, with 90% of loans funded by the marketplace within 24 hours.Harmoney lenders realized an average return of c. 12% (net of fees and losses), and earned total interest income of NZ$14.8m as at 15 February 2016. They also welcomed 3,800 active individual investors with average account balance of NZ$8,500, as well as several large institutional investors including P2P Global Investments PLC. The company has shared they plan to move into Australia soon, and we know there are many excited about launch and the possibilities it brings.We congratulate Harmoney on their many achievements and look forward to many more.