Prosper Marketplace and Radius Bank Join Forces to Offer Personal Loans Through Online Lending Platform
SAN FRANCISCO AND BOSTON, September 16, 2015 — Prosper Marketplace, which operates a leading online marketplace that connects borrowers and investors, today announced that Radius Bank, a full-service bank serving consumers nationwide through an industry-leading virtual banking platform, will now offer a new personal loan option through the Prosper platform.
The partnership integrates the Prosper marketplace lending platform with Radius Bank’s innovative approach to banking, providing easy access to apply for loans anywhere, anytime from any device at radiusbank.com. Investors commit to fund loans through the Prosper platform, and the loans are issued by a FDIC-member bank at a fixed interest rate, providing consumers with a powerful alternative to traditional bank loans.
“Radius is recognized as a bank providing a next-generation banking experience, just as Prosper Marketplace is using technology to offer the platform’s members a new and better way to borrow and invest money,” said Itzik Cohen, Chief Business Officer at Prosper Marketplace. “We’re looking forward to working with Radius Bank to bring clients access to a personal loan product that offers competitive rates and transparent, easy-to-understand terms.”
Headquartered in Boston, MA, Radius Bank is known for adopting the most advanced and secure technologies to provide its clients with greater flexibility and convenience through digital banking and forward-thinking strategic partnerships. Recent rollouts have included an upgraded online and mobile banking experience, streamlined mobile account opening, a student loan rewards pay down program in partnership with SmarterBucks and a branded solution high-yield personal checking account with Aspiration Partners LLC.
“We are challenging the traditional banking model by looking for new, innovative ways to bring exceptional products and services to market,” said Mike Butler, President and CEO of Radius Bank. “Our partnership with Prosper Marketplace allows us to continue to fulfill that commitment, while also aligning us with a company that shares a digital, forward-looking approach to personal banking.”
Consumers will be able to apply for a loan between $2,000 and $35,000 through the Prosper platform at www.radiusbank.com starting in the coming week.
Prosper Marketplace, headquartered in San Francisco, operates a leading online marketplace for consumer credit. The Prosper platform 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, the Prosper platform offers people a superior way to borrow money at fair rates. Over $4 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. Learn more about borrowing and investing through the Prosper platform at www.prosper.com. The Prosper lending platform is owned by Prosper Funding LLC, which is a subsidiary of Prosper Marketplace. Follow Prosper on Twitter @ProsperLoans.
About Radius Bank
With assets of more than $744 million, Radius Bank is a community bank offering a full complement of business and personal products and services. The Bank serves consumers, small and middle market businesses, unions, and government entities as its core clients. The Bank offers anytime/anywhere banking via mobile device, 24-hour ATM service, and remote deposit capture, provides additional services such as treasury management capabilities, and partners with organizations including mobile payments leader LevelUp, student loan debt reduction company SmarterBucks and online investment firm Aspiration Partners LLC. Customers can readily access traditional, personalized branch banking at banking centers located in Massachusetts and New York. Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank’s website at www.radiusbank.com.