Harmoney Corp Limited (NZX: HMY) Prices $105m Inaugural ABS Transaction

Tuesday 26th October 2021

Harmoney Corp Limited (ASX/NZX: HMY ; “Harmoney”) is pleased to announce the pricing of a A$105 million asset-backed securitisation (“ABS”), supported by a pool of fully amortising unsecured consumer personal loans in Australia.

Commenting on the ABS transaction, David Stevens, Harmoney’s CEO & Managing Director said:

“The Harmoney team has been instrumental in pivoting the business from what was a peer-to-peer lending business less than two years ago, to now having three warehouses, two of these being provided by two of the “Big 4” banks, and now entering the ABS market.

“Our inaugural securitisation allowed Harmoney to test its lending model and systems to enter the ABS market. The results we have achieved provide clear validation of the quality of our Australian loan book, materially reduce our cost of funding, underpin a significant release of capital and diversify our funding sources.

“Now we have our first asset-backed securitisation (ABS) established, this is just the start of our ABS program across Australia and New Zealand. Assuming similar market conditions, we anticipate a New Zealand securitisation in early calendar year 2022. Given the size of the New Zealand loan book, this is expected to be a significantly larger ABS transaction.”

Harmoney achieves 4th place in AFR BOSS “Most Innovative Companies 2021”

Following on from our announcement on 14 October 2021 of the Company’s record-breaking September 2021 quarter performance, Harmoney has also been recognised as a top 10 finalist in the prestigious Australian Financial Review Boss 2021 awards for its innovative Libra™ automated real-time credit scoring platform with Harmoney achieving 4th place in the Banking, Superannuation & Financial Services category.

Commenting on this achievement, David Stevens said:

“This is a massive achievement for Harmoney’s data science and engineering teams. In only our first year as an ASX-listed company, we have been recognised in the top 10 and then come in fourth place for the most innovative companies in Australia, proof that we have built something very unique at Harmoney. There were significantly larger companies included in this year’s list and its pleasing to see the innovation efforts of companies in Australia and New Zealand, and have Harmoney recognised for its position alongside them.”

Please see the link below for details

HMY prices $105m inaugural ABS transaction

Source: Harmoney Corp Limited

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