Prosper Marketplace, which operates one of the largest privately held online marketplaces for credit, announced a $165 million Series D financing, led by Credit Suisse NEXT Investors. Additional investors include J.P. Morgan Asset Management, SunTrust Banks, a subsidiary of USAA, BBVA Ventures, Neuberger Berman Private Equity Funds, Passport Capital, Breyer Capital, and others. The latest funding will support the company’s continued growth, expansion, and development of a national brand, as it builds new products and services for the marketplace’s borrowers and investors.
The funding comes on the heels of a record quarter, in which nearly $600 million in loans originated through the Prosper platform - up 200% from the year ago quarter. The significant growth is a true indication of the increasing mainstream acceptance of marketplace lending.
“This investment is a testament to the efforts of our entire team in changing how people experience access to credit,” said Aaron Vermut, chief executive officer at Prosper Marketplace in an official press release. “The explosion of interest in P2P lending demonstrates that a shift is in progress in the way that consumers borrow and lend. This new funding will help us scale the business to meet this growing awareness and demand.”
Prosper Funding owns a leading online marketplace for consumer credit. Prosper connects people who want to borrow money with people who want to invest money. With a commitment to providing world-class customer service, the convenience of applying online day or night, and none of the lengthy applications or wait times associated with traditional avenues, Prosper offers people a superior way to borrow money at fair rates. Over the past six years, more than $3 billion in personal loans have originated through the Prosper platform, helping people around the U.S. consolidate credit card debt and pay for everything from medical procedures to home improvement to special occasions.
Prosper Marketplace experienced incredible growth in 2014 as more people turned to the platform for everything from debt consolidation to home improvement. Earlier this year, Prosper Marketplace acquired American HealthCare Lending, a leading patient financing platform, for $21 million. 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.