Is Harmoney profitable in 2026?

Yes. Harmoney reported 1H FY2026 cash NPAT of $6.1m (up 166% YoY) on 2026-02-19 and guided full FY2026 cash NPAT of $13m, a 128% increase on FY25's $5.7m outturn, per its 2026-04-22 trading update.

Harmoney (ASX: HMY) is publicly listed, delisted from the NZX in September 2022. Founder Neil Roberts holds roughly 18-19.6% as of 2022, and Heartland Bank/Heartland Group Holdings holds about 8.4%, per its 2022 annual meeting filing.

Could AI replace Harmoney's lending business?

No. Harmoney's own ML platform, Stellare, already automates underwriting and pricing, boosting Australian originations about 50% after its October 2024 rollout. What AI alone can't replicate is its credit licence, bank warehouse funding lines exceeding $1bn, and repeat-borrower dataset.

Who is Harmoney's biggest competitor?

MoneyMe, Plenti, and Wisr are near-identical ASX-listed rivals; the four jointly told the OAIC in May 2024 they had collectively funded about $15bn in loans to 700,000+ Australians. Australia's Big 4 banks fund Harmoney's warehouses rather than directly competing.

What is Harmoney's market capitalization?

As of 2026-07-25, Harmoney's market cap was approximately A$78-79 million, down sharply from its November 2020 dual ASX/NZX listing valuation of about A$353 million at A$3.50 per share.

Does Harmoney face regulatory risk in Australia?

Yes. In a May 2024 submission, Harmoney joined MoneyMe, Plenti and Wisr in warning the OAIC that proposed credit-reporting code changes would raise customer acquisition costs and threaten fintech-lender viability; the review outcome remains pending as of mid-2026.

Banks and financial groups · New Zealand

Harmoney

harmoney.com ↗

NZ/Australia online lender making personal and auto loans, underwritten by its Stellare AI model.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from ~20 August 2026 · Every call on the record Checkpoint: FY2026 full-year results and Cash NPAT outturn against $13m guidance

The call

Harmoney turns a real profit lending money online, but nothing stops a bank or a rival fintech from copying its playbook if credit stays cheap.

Harmoney lends money to Australian consumers through the internet and makes real profits, bringing in around A$139 million per year. The company uses artificial intelligence to decide who gets loans, which helps it make better decisions than some rivals, but three other similar public companies (MoneyMe, Plenti, and Wisr) do almost exactly the same thing, and Australia's big banks could easily offer the same loans if it made business sense for them. The biggest question is whether Harmoney's AI system for approving loans is truly better or just looks better when the economy is good; when times get tough, we will find out if its technology actually protects the company or if it was just lucky during good years.

Why

AI pressure: AI-driven credit scoring adopted across the fintech lending pack (MoneyMe, Plenti, Wisr). Rivals are copying AI underwriting tricks, so Harmoney's Stellare data edge may not stay unique for long. Could AI do the core job? Only partly.

Bigger players: Australian Big 4 banks (ANZ, Westpac, NAB, CBA). Banks fund Harmoney's warehouses and could pull that capital or lend directly if personal loans get more attractive. Could a giant copy it? Yes, easily.

What protects it. Warehouse funding deals with banks, repeat borrowers, and an underwriting data set banks find fiddly to replicate cheaply.

What would change this call

OAIC credit-reporting code ruling is issued for the fintech lending cohort. An unfavorable outcome would raise Harmoney's customer acquisition costs versus peers.
Harmoney's loss rates and loan-book growth during the next AU/NZ credit downturn. Shows whether Stellare underwriting is a durable edge or just favorable conditions.
Renewal or expansion terms of Harmoney's bank-backed warehouse funding facilities. Tightening terms would signal bank funders reasserting leverage over the business.

Key numbers

TTM revenue A$139.34m (2026-07-08)
Loan book $879m, up 10% YoY (2026-04-22)
Warehouse funding capacity exceeds $1bn (2026-04-22)

Named risks

Pending OAIC credit-reporting code changes could raise fintech acquisition costs. Severity: high
Credit cycle downturn could raise default rates untested since Stellare rollout. Severity: medium
Dependence on bank warehouse funding lines for loan book growth. Severity: medium
Commodity market with three near-identical ASX-listed peers limits pricing power. Severity: medium
Small market cap (approx A$78-79m as of 2026-07-25) exposes stock to volatility. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
MoneyMe	contesting	Joint OAIC submission with Harmoney, Plenti, Wisr on credit-report rules, dated 2024-05-07
Plenti	contesting	Near-identical ASX-listed personal lender, part of same 2024 fintech regulatory cohort
Wisr	contesting	Direct ASX-listed peer competing in same unsecured personal loan segment as of 2026
Australian Big 4 banks	contesting	Banks fund Harmoney's warehouses (capacity over $1bn as of 2026-04-22) yet could enter unsecured lending directly

Questions people ask

Is Harmoney profitable in 2026?: Yes. Harmoney reported 1H FY2026 cash NPAT of $6.1m (up 166% YoY) on 2026-02-19 and guided full FY2026 cash NPAT of $13m, a 128% increase on FY25's $5.7m outturn, per its 2026-04-22 trading update.
Who owns Harmoney?: Harmoney (ASX: HMY) is publicly listed, delisted from the NZX in September 2022. Founder Neil Roberts holds roughly 18-19.6% as of 2022, and Heartland Bank/Heartland Group Holdings holds about 8.4%, per its 2022 annual meeting filing.
Could AI replace Harmoney's lending business?: No. Harmoney's own ML platform, Stellare, already automates underwriting and pricing, boosting Australian originations about 50% after its October 2024 rollout. What AI alone can't replicate is its credit licence, bank warehouse funding lines exceeding $1bn, and repeat-borrower dataset.
Who is Harmoney's biggest competitor?: MoneyMe, Plenti, and Wisr are near-identical ASX-listed rivals; the four jointly told the OAIC in May 2024 they had collectively funded about $15bn in loans to 700,000+ Australians. Australia's Big 4 banks fund Harmoney's warehouses rather than directly competing.
What is Harmoney's market capitalization?: As of 2026-07-25, Harmoney's market cap was approximately A$78-79 million, down sharply from its November 2020 dual ASX/NZX listing valuation of about A$353 million at A$3.50 per share.
Does Harmoney face regulatory risk in Australia?: Yes. In a May 2024 submission, Harmoney joined MoneyMe, Plenti and Wisr in warning the OAIC that proposed credit-reporting code changes would raise customer acquisition costs and threaten fintech-lender viability; the review outcome remains pending as of mid-2026.

Timeline

2026-04-223Q26 update: $13m FY26 cash NPAT guidance, $879m loan book, warehouse capacity over $1bn
2026-02-191H26 results: statutory/cash NPAT $6.1m, up 202%/166% YoY
2025-12-31Harmoney repaid $7.5m of corporate debt
2025-06-30FY2025 cash NPAT came in at about $5.7m, exceeding guidance
2024-10-16Stellare 2.0 rollout announced, lifting Australian originations about 50%
2024-05-20Harmoney joins MoneyMe, Plenti, Wisr warning OAIC on credit-reporting rule changes
2022-09-30Harmoney voluntarily delisted from the NZX, keeping ASX-only listing
2020-11-11Dual ASX/NZX IPO at A$3.50/share, valuing Harmoney at about A$353m

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

IIFL Finance Monex Group Ajaib