Trade Me Group Limited (ASX:TME, NZE:TME) has bought a 15 per cent stake in New Zealand’s first peer-to-peer lending platform Harmoney.
The dual-listed online marketplace and classified advertising platform says it will acquire the interest for $7.7 million.
Peer-to-peer lending enables investors to loan money directly to unrelated borrowers through an online platform as opposed to traditional financial institutions like banks.
Trade Me CEO Jon Macdonald says the investment into Harmoney is a great fit and both companies share a common purpose.
Trade Me Group reported a net profit of $74.4 million in the full 2014 financial year.
