• FOUNDING YEAR: 2006
    LOCATION:
    United States
    REGION:
    CA
    Last Update:
    27 Jun, 2019

Description

FOCUS

PRODUCTS & SERVICES:
P2P lending marketplace and financial tools providers. The company offers products are: Lending service: It is a platform that provides the different type of loan products such as Debt Consolidation Loans, Home Improvement Loans, Special Occasion Loans, Personal Loans for Business, Auto & Vehicle Loans, Short Term & Bridge Loans, Green Loans, Millitary Loans, Friends & Family Loans, Baby & Adoption Loans. Credit card optimizer: It is a mobile app that manages all credit cards at one place and helps customers to minimize the interest fees with early payment reminders.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail Consumers
EXISTING PARTNERSHIPS:
Partnered with HomeAdvisor to make it easier for homeowners to find financing and a contractor in one place. Some of the other partners Radius Bank, OnDeck, Free Credit Score, Credit Karma, Credit.com, SavvyMoney, LendingTree
COMMENT
Unlike traditional lending, Prosper provides a convenient and superior customer service with lower interest rates. Prosper Marketplace has evolved into a personal finance company that offers products and services beyond personal loans to help people get on top of their finances. New features include a redesigned automatic investment tool and a dashboard to see portfolio performance.

PEOPLE

FOUNDERS:
John Witchel, Chris Larsen
Board Members and Advisors:
Chris Bishko, Raj Date, Patrick Grady, Paul Madera, Nigel Morris, Scott Russell, Stephan Vermut
NUMBER OF EMPLOYEES:
201-500
INVESTORS:
Accel, BBVA Ventures, Benchmark, BlackRock, Breyer Capital, CompuCredit, Credit Suisse, Crosslink Capital, DAG Ventures, Draper Fisher Jurvetson, Eric Schmidt, Fidelity Ventures, Francisco Partners, IVP, Meritech Capital Partners, Neuberger Berman Group, Omidyar Network, Passport Capital, Phenomen Ventures, QED Investors, Ron Suber, Sequoia Capital, SunTrust Bank, Target Global, TomorrowVentures, USAA, SharesPost Investment Management
KEY EMPLOYEES:
David Kimball (CEO); Usama Ashraf (CFO)

TRACTION

VALUATION / MARKET CAP:
$1.7 Billions in 2015
TRANSACTIONS COMMENT:
The company has disbursed funds close to $8.9 B for borrowers to date (May 2017).
OTHER INFO:
To date, over $10 billion in personal loans have been originated through the Prosper platform for debt consolidation and large purchases such as home improvement projects, medical expenses and special occasions. (Sept 2017)
COMMENT:
In 2014, Prosper generated $81 million in revenue on $1.6 billion in loan origination, up from $357 million in the prior year. Most significantly, the company declared its first quarterly profit in the third quarter of 2014. Its growth spurt attracted new financial backing, which has boosted its valuation to nearly $2 billion. Prosper’s unexpected growth rate had many analysts convinced the company would seek an IPO in 2017. Prosper launched credit card optimizer to help consumers make better financial decisions in Dec. 2016. Prosper also relaunched an online platform for retail investors in recent days to improve the experience for loan buyers. In Feb 2017, Prosper Marketplace announced that it has closed a deal with a consortium of institutional investors to purchase up to $5 billion worth of loans through the Prosper platform over the next 24 months.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$404.9 Millions
DATE OF LAST FUNDING:
Sep 2017
TOTAL FUNDING COMMENT:
An undisclosed amount raised in secondary market in 2016.
FUNDING SERIES:
SERIES A
$7.5 Millions Closed: Apr 2006
SERIES B
$12.5 Millions Closed: Feb 2006
SERIES C
$20 Millions Closed: Jun 2007
SERIES D
$14.7 Millions Closed: Apr 2010
SERIES E
$17.2 Millions Closed: Jun 2011
LISTED:
NO
COMMENT:
Venture: $48 M(2013). Private Equity: $235 M(2015). Series G: $50 M (Sept 2017)

LATEST RESEARCH