Harmoney, which bills itself as "Australasia’s largest online direct personal lender" on the back of the NZ$2 billion in total loans originated, has reported originations in April hit their highest yet.

"Harmoney has accelerated its data-driven marketing program following our listing last November, significantly increasing new customer originations," the company's CEO David Stevens said.

In an update yesterday, Harmoney reported total group origination volumes for April 2021 have "bounced back" by more than 800 per cent on the prior (COVID-impacted) corresponding period – that is, from NZ$4.2 million in April 2020 to NZ$37.8 million in April 2021.

The company attributed part of its strong performance to February’s Australian release of a "new generation, behavioural credit decisioning and pricing engine" – dubbed Libra 1.7, released in in February.

Cumulative origination volumes for Harmoney in Australia are forecast “to exceed A$300m by the end of FY21”, which is progress but the financier remains a minnow – but at least having a go in a product segment in which aggregate lending levels are in secular.

Harmoney said that Libra 1.8 is slated for release in New Zealand in early July, “with high expectations.

"Based on the technology stack’s proven ability to attract and convert new customers in Australia to date, [it] is expected to significantly boost new lending in the New Zealand market," the company stated.

Harmoney has also finalised an increase in a warehouse line to A$177 million (previously A$115 million), with the term extended one year to January 2023.

The company said expects to soon finalise its NZ$200 million Heartland Bank-funded warehouses for Australia and New Zealand. As at 30 April 2021, undrawn committed warehouse funding lines were NZ$247 million.