Harmoney’s intoAustralia push funded

PEERTOPEER lender Harmoney says has raised close to $47 million to fund its expansion in the Australian market.

The Auckland company, founded in 2014, said it raised $A22.9 million ($NZ25 million) from Melbournebased private equity firm Kirwood Capital and a private investor based in New Zealand.

It has also implemented a $A20 million ($NZ21.9 million) corporate debt facility with an undisclosed Australian investment fund to bring total capital to $42.9 million.

The debt facility is understood to be used to expand Harmoney’s customer base and ‘‘debt warehousing’’ programme.

Harmoney said the majority of raised capital would be invested in continued growth of Harmoney in the Australian personal lending market and drive ongoing digital innovation.

The company said it had ‘‘originated more than $1.4 billion in new loans in its four years of operations.’’

‘‘Our new investment partners have taken an extremely thorough look at the business and where we are headed and liked what they have seen. That gives us a mandate to keep expanding on our market position as an innovator and a leading disrupter of traditional banking services,’’ incoming Harmoney chief executive, David Stevens, said in a statement.

Harmoney said it was profitable, and now described itself as a ‘‘digital platform lender’’ and no longer as a peertopeer lender as it no longer could see a viable peertopeer lending model in New Zealand.

Kirwood Capital chief executive Luke Forster said access to capital was critical for ‘‘companies at Harmoney’s stage of growth . . . Kirwood’s investment recognises Harmoney’s globally differentiated digital offering, and its attractiveness as a high growth and profitable platform.’’ — The New Zealand Herald