Financial Markets Authority says peer-to-peer lending was designed to provide a new investment opportunity for New Zealanders, and continues to do so despite Harmoney quitting the retail investor market

Financial Markets Authority says peer-to-peer lending was designed to provide a new investment opportunity for New Zealanders, and continues to do so despite Harmoney quitting the retail investor market

*This article was published in our email for paying subscribers. See here for more details and how to subscribe.


We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

2 Comments

Harmoney was a bit of a godsend when I got onto it 5 years ago (almost to the day). I was recently home from Australia and divorced so I had a chunk left from the house I no longer owned. I started moving money into it expecting it to take a while but back then the loans were coming in thick and fast you'd often do 10-20 per day. Before long I had a big chunk in Harmoney and the interest started rolling back in. I took the next 3 years off! Ultimately I've funded 3800 loans and my RAR is 11.88%.

New loans started thinning out especially last year, my portfolio basically halved and you could read the writing on the wall. Anyway it was a strangely useful and unexpected resource to find at my disposal at that point in my life. Sad to see it's gone that way but it seemed like a bit of a jerk outfit lately and I've already migrated to other platforms. Thanks Harmoney its been a $100k+ bonus knowing you!

I think Harmoney has almost destroyed the P2P market in New Zealand. They had the significant advantage of being first, which is a massive deal in the fintech industry. Look at competitors like Squirrel who’re struggling to issue over 15 million in loans. I think Squirrel will do well, but I hope the FMA learned something from this because it’s a disaster.

Your access to our unique content is free - always has been. But ad revenues are diving so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.