Sharechat Logo

Harmoney Corp Limited (NZX: HMY) Secures NZ$200m Debt Facility from M&G Investments

Tuesday 22nd December 2020

Text too small?

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.

See the link below for more details:

Harmoney secures NZ$200m debt facility from M&G investments

Source: Harmoney Corp Limited



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report
June 26th Morning Report