Car buyers have a new finance option, with peer-to-peer lender Harmoney securing $200m in funding to launch in the Australian market.
The company pioneered the alternative loan system in New Zealand, where it was the first to be licensed for P2P lending.
Harmoney will launch in Australia in November, after raising the start-up capital through international funder P2P Global Investments managed by Englewood Europe.
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The agreement sees P2P Global gaining a stake in the Australasian business and undertaking to provide $200m in lending capital.
Harmoney has proven a popular alternative to traditional finance channels in New Zealand, and private investors have welcomed its relatively high returns on their money.
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