Online peer-to-peer money lender Harmoney has made a maiden profit.
Harmoney posted a net profit for the year ended in March of $7.2m Photo: RNZ / Rebekah Parsons-King
The company, which is partly owned by Heartland Bank (17 percent share) and Trade Me (15 percent), made a net profit of $7.2 million in the year ended in March, compared with a loss of $1.8m the year earlier.
Its revenue was up 25 percent to $32.9m, with net interest income of $728,000 - nearly 10 times more than the year before.
Chief executive and founder Neil Roberts, who still owns 40 percent of the company, said Harmoney Group had expanded to the Australian market, where it made about $100m in loans during the past year.
"That first $100 million is the hardest.
"To hit that mark in the highly competitive Australian market in less than two years is very satisfying, and proves our model is transferrable," he said.
Mr Roberts added the company was undertaking a $20m capital raising to grow its business in Australia, which offered the company its biggest opportunity for growth.