SAN FRANCISCO--(BUSINESS WIRE)--Prosper, a leading marketplace lending platform for consumer loans, today announced a $50 million investment from an investment fund co-managed by FinEX Asia. The Series G investment, which brings Prosper’s total equity raised to $410 million to date, will be used to make strategic investments in the company’s platform and products.
“This investment is a strong signal of confidence in our business fundamentals and the momentum we are seeing right now,” said David Kimball, CEO, Prosper Marketplace. “Over the past year, we’ve shown that we can build a sustainable business that continues to redefine the online lending experience for our borrowers and investors. We believe this partnership will open up additional opportunities for our business as we continue to grow.”
Prosper recently reported strong second quarter results with $775 million in loan originations through its platform (up 32% quarter-over-quarter and 74% year-over-year), and an increase in transaction fee revenue (up 32% quarter-over-quarter and 84% year-over-year). To date, Prosper has facilitated more than $10 billion in consumer loans through its platform. Additionally, the company generated $8.6 million of Net Cash from Operating Activities in the second quarter of 2017 driven by an increase in origination volume, improved marketing efficiencies, and lower general and administrative expenses.
Financial Technology Partners (FT Partners) served as financial advisor and Orrick, Herrington & Sutcliffe LLP served as legal advisor to Prosper. Ropes & Gray served as legal advisor to the investment fund.
About Prosper Marketplace
Prosper’s mission is to advance financial well-being. The Company’s online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. Borrowers get access to affordable fixed-rate, fixed-term personal loans. Investors have the opportunity to earn solid returns via a data-driven underwriting model. 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.
Prosper Marketplace, Inc. was founded in 2005 and is headquartered in San Francisco. The lending platform is owned by Prosper Funding LLC, a subsidiary of Prosper Marketplace, Inc. Loans originated through the Prosper marketplace are made by WebBank, member FDIC. Visit www.prosper.com and follow @Prosperloans to learn more. Prosper notes are offered by Prospectus.
