Peer-to-peer lender Harmoney says it has raised close to $47 million to fund its expansion in the Australian market.
The Auckland company, founded in 2014, said it raised A$22.9m ($25m) from Melbourne-based private equity firm Kirwood Capital and a private investor based in New Zealand.
It has also implemented a A$20m ($21.9m) corporate debt facility with an undisclosed Australian investment fund to bring total capital to $42.9m.
The debt facility is understood to be used to expand Harmoney's customer base and "debt warehousing" programme.
Kirkwood Capital will secure a seat on Harmoney's board.
Harmoney said the majority of raised capital would be invested in continued growth of Harmoney in the Australian personal lending market and drive ongoing digital innovation.
The company claims to have "originating more than $1.4 billion in new loans in its four years of operations.
"Our new investment partners have taken an extremely thorough look at the business and where we are headed and liked what they have seen. That gives us a mandate to keep expanding on our market position as an innovator and a leading disruptor of traditional banking services," incoming Harmoney chief executive, David Stevens, said in a statement.
"This investment will allow us to scale up our operations in Australia while maintaining the healthy growth we've sustained in New Zealand and further diversifying our funding options."
Harmoney says it is profitable, and now describes itself as a "digital platform lender" and no longer as a peer to peer lender as it no longer can see a viable peer to peer lending model in New Zealand.
Kirwood Capital chief executive Luke Forster said access to capital was critical for "companies at Harmoney's stage of growth".
"Kirwood's investment recognises Harmoney's globally differentiated digital offering, and its attractiveness as a high growth and profitable platform. We are excited to partner with the team to accelerate Harmoney's sustainable growth journey."