Heartland New Zealand has acquired nearly 10% shareholding in HarMoney, only licensed peer-to-peer lending platform in New Zealand.
New Zealand’s Financial Markets Authority granted HarMoney a license in July. Although already live, it officially launches later this year.
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In conjunction with this, Heartland Bank said that it will also provide a funding line to the new venture to enable lending to a range of individual borrowers using the platform.
Heartland said the investment is part of its strategy is to occupy leading positions in niche markets through specialist offerings which are different to traditional banks.
Financial terms of the deal were not disclosed.
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