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Online direct personal lender Harmoney has witnessed strong demand for loans in Australia, boosting its overall new loan originations over the past quarter.
In its latest trading update that covers the March 2021 quarter, Harmoney managed to surpass NZ$2bn in total originations.
Over the quarter, the group recorded a 60% increase in its loans to new customers, hitting NZ$44.1m.
Harmoney's presence in Australia was the main growth driver — loan originations in this market hit NZ$10m, which reflects a 38% gain.
David Stevens, CEO and managing director of Harmoney, said the latest results reflect the opportunity Australia has for the group.
"New loan origination in Australia has doubled since updating the technology behind our new lending scorecard, making the credit underwriting process significantly more efficient at attracting and then converting customer enquiries into settled loans," he said.
Still, Stevens said the improvement in its technology does not change the lender's risk appetite for high-quality, prime customers.
"It actually illuminates the pathway we are on to achieving our business objective of $1bn in lending volumes each year — just in Australia," he said.
Harmoney’s New Zealand operations also delivered over the quarter, accounting NZ$22.7m of the total new loan originations during the quarter.
"With marketing investment back to pre-COVID levels, we’re confident this growth in new customer acquisition will continue as we meet growing borrower demand for direct, agile and convenient financial services,” Stevens said.
