Personal lender Harmoney touts new Google-powered marketing

Another personal lender Harmoney, is set to hit the ASX boards, meeting potential investors last week and targeting an initial public offering in late November to follow Plenti onto the market.

Harmoney, which has its roots in New Zealand, distinguished itself in the meetings from Plenti – whose share price performance has been underwhelming since it listed in September – by pointing to its direct-to-customer distribution model, which deploys a new way to target customers using Google.

According to the pathfinder prospectus, Harmoney made revenue of $78 million in 2020; it has more than 46,000 customers and a total loan book of $480 million.

It started as a peer-to-peer lender in New Zealand, but is morphing to become a lender off its own balance sheet. Around one-third of its lending is funded via warehouses provided by two of the major Australian banks. It has lent a total of $1.7 billion, and $200 million in Australia, where it wants to grow. Its compound annual growth rate is 86 per cent since it was founded in 2014.

Harmoney is expecting to raise about $60 million in the IPO being led by Jarden and Ord Minnett, as revealed by (AFR’s) Street Talk in September.

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Source: Personal lender Harmoney touts new Google-powered marketing