Tuesday 22nd December 2020
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Harmoney Corp Limited, Australasia’s largest online direct personal lender, has secured its third debt warehousing facility, from M&G Investments (“M&G”), a leading global asset management firm.
The NZ$200 million facility1 will help to grow Harmoney’s loan originations; accelerate the transition to a 100% warehouse funding model; and support the expansion of Harmoney’s product offering to more consumers across Australia and New Zealand.
M&G joins two of the ‘Big Four’ banks as Harmoney funding partners. Harmoney’s committed warehouse funding is now more than NZ$465m.
M&G’s funding is a 3 year committed facility of up to $200m. The global asset manager is the senior and mezzanine lender.
As at December 2020, warehouse funding comprised 42% of Harmoney’s loan book, with the transition to being fully warehouse funded on target to be substantially completed during H2 FY2022. This transition is strategically aligned to Harmoney’s growth objectives and ability to amplify Customer Lifetime Value.
Harmoney began the transition from a peer-to-peer funding model to a warehouse funding model in December 2018 with the establishment of its first New Zealand warehouse facility. Harmoney established its first Australian warehouse facility in January 2020.
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