Lending

Prosper Crosses $5B in P2P Loans Funded Through the Platform

MEDICI

Prosper is an American peer-to-peer lending platform with more than 2 million members. It recently announced that it had surpassed $5 billion in loans funded through its platform since its inception. The company had a record $1.070 billion in loans in a quarter through the platform as well as a record daily average. It was just a year ago that Prosper had crossed the $2-billion mark. Hundreds of thousands of people were able to access loans at competitive rates through the platform. As reported by the company, debt consolidation continues to be the most frequent use case with approximately 288,000 loans taken for this purpose. Other purposes people turn to Prosper for loans include:

- Home improvement (spring cleaning and summer renovations, remodels and home repair)

- Payments for elective medical procedures (LASIK, bariatric, dental and cosmetic surgery)

- Personal credit for a small business

Prosper Funding LLC is a subsidiary of Prosper Marketplace, Inc. ran by CEO Aaron Vermut, Executive Chairman Stephan Vermut and President Ron Suber, with whom LTP team had an interview recently. Prosper Marketplace’s investors include Sequoia Capital, BlackRock, Institutional Venture Partners and Credit Suisse NEXT Fund.

Prosper Marketplace LLC recently acquired spending-and-credit-tracking app BillGuard for $30 million. BillGuard works by letting its users track their spending, monitor their credit, set up fraud alerts and flag unauthorized charges via crowdsourced data. As stated by the company, it has helped its 1.3 million users flag more than $70 million in unauthorized charges for the past five years. Prosper Marketplace LLC sees the acquisition as an important step in truly empowering and educating consumers to be financially secure and successful. It aims to combine marketplace lending and personal finance management to help people make better financial decisions.

Earlier this year, Prosper Marketplace acquired leading cloud-based patient financing platform American HealthCare Lending for $21 million in cash. American HealthCare Lending gives its nationwide network of healthcare providers the ability to offer affordable payment options to consumers who would like to finance medical procedures at the point of service.

In Prosper's official press release, Nigel Morris, Managing Partner of QED Investors and Co-Founder of Capital One, said, "We believe that Prosper Marketplace has an opportunity to further transform marketplace lending. The addition of American HealthCare Lending is an important investment in Prosper Marketplace's long-term growth and capabilities, and a step towards making marketplace loans available to more borrowers and for more use cases."

About Prosper:

Headquartered in San Francisco, Prosper is America's first peer-to-peer lending marketplace with more than 2 million members and over $5 billion in funded loans. Prosper connects people who want to borrow money with people who want to invest money. The platform allows people to invest in each other in a financially and socially rewarding way. Borrowers list loan requests between $2,000 and $35,000 on Prosper and individual lenders invest as little as $25 in each loan listing they select. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors. Learn more about the company on the official website.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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