Harmoney hires former FlexiGroup NZ boss David Stevens as its new CEO with capital raise and extension of bank warehouse facility immediate priorities

Harmoney hires former FlexiGroup NZ boss David Stevens as its new CEO with capital raise and extension of bank warehouse facility immediate priorities

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I stopped lending on the Harmoney platform 2 years ago. I see little value for the individual lender.

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I see they still advertise themselves as a P2P lender, but from what I hear on here the majority of loans go to institutional investors? Misleading?

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I don't think they had much choice.... they try and fill a loan request up with small individual lenders (noting you will never have a loan funded 100% by one lender) then an institutional investor mops up the remaining loan balances.

If they didn't do it this way they could have loan requests going unfilled for months until they married up lenders with the right risk appetite.

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Hmm, I'd assumed that all loans go to institutional investors first and then retail investors second because all the loans hit the P2P lending screen already 2/3rds funded.

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Hence Harmoney have realised you dont really need an expensive new marketing and distribution channel to lend money, people queue up to borrow from any source, why knock yourself out to be creative or innovative. Ultimately capital doesnt believe in anything but profit.

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