In Australia, Harmoney obtained its Australian Financial Services Licence from ASIC to operate peer-to peer-lending, but never accepted retail funds.

Similarly to New Zealand, the Australian entity funds loans through a mix of institutional financing, and lending from its own balance sheet.

Revenue was $37 million, with a net loss of NZ$15.4 million, attributable in large part to the group’s transition to on-balance sheet loan funding, with immediate provision for expected future period credit losses, as well as a reduction in expected future revenue from peer-to-peer funded loans.

[14] In November 2020, Harmoney successfully completed a dual listing on the Australian ASX and New Zealand NZX stock exchanges.

Harmoney determines the creditworthiness of a borrower on the basis of their credit history, income, debt, and requested loan amount, among other things.

[17][18] Across New Zealand and Australia, residents aged 18 or older with a valid driver's licence or passport are eligible to apply for a loan through Harmoney.

[19] Harmoney makes money by charging an establishment fee to successful borrowers and a net interest margin (NIM) in its warehouses (NIM being the difference between the weighted average interest rate it lends to customers versus the weighted average cost of funds charged by wholesale funders).