Chief executive Neil Roberts said Harmoney would turn lending upside down and compete with the banks in the personal loan and term investment categories.
''With our transparent low-margin model, investors, for the first time, can access retail rates of return and a brand new asset class.''
Harmony was designed for investors seeking fixed-rate or fixed-term returns from banks and prime creditworthy borrowers looking for sharper interest rates, he said.
Heartland New Zealand has taken a 10% stake in Harmoney for an undisclosed sum and would provide funding through New Zealand's only licensed platform as it continues to diversify its finance options.
Christchurch-based Heartland said it would provide a ''funding line'' for borrowers on the platform, without putting a dollar figure on how much it might be.
''The funding line will help provide initial momentum, complementing the investments made by retail investors,'' the bank said in a statement.
''Harmoney and Heartland also intend to build on this relationship and are confident that scope exists to create high value products.''
Harmoney was the first platform operator to receive a peer-to-peer licence under the new Financial Markets Conduct Act, which came into effect on April 1, providing legislation for a regime to match lenders with borrowers, with a $2 million cap on the amount allowed to be borrowed.
The platform is looking to lure both investors and borrowers, offering loans of up to $35,000 with interest rates lower than credit cards for borrowers, and the possibility of a 12% risk-adjusted return for lenders.
Heartland, formed from the merger of Canterbury and Southern Cross building societies and Marac Finance, has been chasing acquisitions outside of traditional banking options to help grow earnings, and in February announced the acquisition of a reverse mortgage business from Seniors Money International for $87 million.
In July, Dunedin-based Motor Trade Finances turned down an offer from Heartland which would have added a loan book of about $438 million.
''The shareholding in Harmoney complements Heartland's strategy and provides a potentially valuable channel to attract customers in the household sector that current distribution networks may not reach,'' the bank said.
For Harmony, investor funds were broken into $25 fractionalised units, reducing exposure to any particular borrower, he said. Investors were in total control, deciding the level of risk they were willing to accept.
''The risk to investors lending via the platform is greater than that of a bank term deposit but Harmoney believes the risk is manageable and predictable and the 12% is after Harmoney costs and a provision for any credit loss,'' Mr Roberts said.
