April 16, 2015
Prosper Marketplace, which operates one of the largest privately held online marketplaces for credit, and On Deck Capital, a leading platform for small business loans, have jointly announced a strategic partnership aimed at helping both people and businesses find the loans that best meets their needs.
Under the partnership, Prosper Marketplace and OnDeck will develop new solutions to address their customers' needs that expand upon their current referral arrangement. Prosper, which through its platform offers consumers access to fixed-rate, fixed-term personal loans between $2,000 and $35,000, and OnDeck, which offers small businesses loans between $5,000 and $250,000, as well as business lines of credit, will be close integrated partners in the peer-to-peer space.
Prosper recently crossed $3 billion in personal loan originations through its platform, and has grown by more than 350% over the past year as online marketplaces for credit gain mainstream awareness and acceptance. The Prosper platform offers consumers access to loans based on their personal credit for the purpose of debt consolidation, large purchases, medical expenses, and new businesses.
Aaron Vermut, CEO at Prosper Marketplace, said in an official press release: "This partnership gives Prosper Marketplace's customers access to more options for credit now and creates a great platform for the future. Prosper Marketplace is focused on delivering access to a consumer-friendly personal loan product that offers people fair, competitive rates. We are excited to work with an industry leader like OnDeck to help our customers that are looking for loans for their small businesses."
OnDeck has loaned over $2 billion to small businesses across 700 industries in all 50 states and Canada. The company's proprietary small business credit scoring system, the "OnDeck Score", evaluates thousands of data points to deliver a fast and accurate credit decision. Restaurants, medical professionals and retailers, among other small businesses, choose OnDeck for its convenience, speed, and direct access to growth and working capital.
Noah Breslow, CEO at OnDeck, said in an official press release: "OnDeck is 100% focused on helping small businesses meet their capital needs. Our partnership with Prosper Marketplace, a like-minded technology innovator, will enable us to offer more small businesses a seamless experience to meet their financing needs."
LTP recently published a report titled Transformation of Peer-to-Peer (P2P) Lending in the U.S. highlighting these two leading lending companies.