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Harmoney First Peer To Peer Lender Licenced By FMA

Harmoney First Peer To Peer Lender Licenced By Financial Markets Authority

Harmoney is set to liberate the way Kiwis invest and borrow with Peer to Peer Lending, and announced this month 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 on the planet 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.

Harmoney Limited was founded by a management group that has worked together across two other key projects over the last 12 years in New Zealand and Australia. In both cases there was a successful exit for shareholders. The team was responsible for creating over $1b in shareholder value by adding new products, distribution and channels.

Harmoney will Liberate Lending in New Zealand, cutting out the banks by providing access to a new investment asset class to retail and institutional investors. New Zealand is one of the first countries in the world to overhaul securities law and to allow for peer top peer lending platforms which can act as a challenge to traditional banking. The service providers are regulated, licensed and policed by the Financial Markets Authority (FMA). Peer to Peer Platforms operate with benchmark operational costs far lower than any main street bank.

The investor/lender takes the same risks that the bank takes and enjoys the retail return. Harmoney is currently the only FMA Licensed Peer to Peer Platform in New Zealand and Harmoney’s key advisers are AML Advisers, Simpson and Grierson, Deloitte Partners and Dun & Bradstreet and Centrix.

Please also visit www.harmoney.com.

ENDS

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