Towards the tail end of last summer, Harmoney founder and CEO Neil Roberts decided to depart his responsibilities from the board of the company he created. It appeared a bit odd at the time, but Harmoney was quick to assure that it was just a “personal decision”. The executive shuffle did “not alter the Harmoney business in any way”. Jump forward to 2016 and Roberts is back at the helm of the board. Former Chairman Rob Campbell has departed – or resigned – regardless the results are the same.
NBR reports that Campbell made the comment last month that “most businesses need activist, effective, participant directors.” Perhaps the Board was becoming too operational instead of sticking to their strategic aim?
When Campbell was announced as the Board Chair in May of 2014, Harmoney stated he would be an independent director without shareholding. The company cited his long resume of similar posts and deep experience in corporate management.
Roberts remains the single biggest shareholder in New Zealand’s largest peer to peer lender. Harmoney, since its launch, has benefited by partnerships with equity investor Heartland Bank and international Fintech investor P2P Global Investments. Trade Me also has a stake in the young firm as the second largest shareholder.
In an interview last November, Roberts stated;
“We are the most successful platform launch in the world, China excluded. We’ve done that in a country that’s really small and it’s because of our combination of credit, tech and online experience.”
To date, Harmoney has facilitated over $187 million in loans. The credit provided has been mainly for debt consolidation but the platform has done well in other verticals too.
It will be interesting to see if Roberts broadens Harmoney’s reach into other regions. A growing number of internet finance platforms are taking a more borderless approach. Perhaps it is time that Harmoney expanded.
