Prosper Marketplace Appoints Brad Pennington Chief Risk Officer
SAN FRANCISCO, May 9, 2016 – Prosper Marketplace today announced it has appointed Brad Pennington Chief Risk Officer. Formerly Vice President of Risk and Operations at Prosper Marketplace, Brad has played an instrumental role since he joined the company in 2012 in the development of Prosper’s proprietary credit and underwriting platform. As CRO, Brad reports to Prosper Marketplace CEO Aaron Vermut and is responsible for all aspects of credit risk management across Prosper’s portfolio of consumer loans.
Brad has extensive experience developing innovative risk management solutions and applied analysis that deliver portfolios with exceptional risk-adjusted returns. Prior to Prosper Marketplace, Brad served as Assistant Director, Risk Management Services of Moody’s Analytics where his team worked with large global and U.S clients on several initiatives including: Economic Capital, Basel Compliance and custom PD, LGD and EAD model development. Prior to Moody’s, Brad designed the automated underwriting and pricing strategies at First Equity Card; a small-business credit card specialty finance start-up.
“We often say that underwriting is the most important thing we do at Prosper Marketplace, and over the past four years, Brad has been one of the key architects of Prosper Marketplace’s credit platform, which has consistently delivered on our investors’ expectations,” said Aaron Vermut, CEO, Prosper Marketplace. “This platform has been a key driver of Prosper Marketplace’s growth and success and I’m thrilled to welcome Brad to the executive team.”
“When I joined Prosper Marketplace it was a scrappy start up with a mission to use technology to deliver a simple financial product that delivered value to borrowers and investors alike,” said Brad Pennington, CRO, Prosper Marketplace. “This straightforward goal resonates with me today as much as it did the day I joined in February 2012. Building this company and asset class with an amazing group of individuals has been an incredible journey and I look forward to joining the executive team and continuing to add value for our investor and borrower communities in my new role as Chief Risk Officer.”
Prosper is built on a simple idea: connect people who want to borrow money with those that have money to invest. Prosper is an online marketplace that gives borrowers access to individual and institutional investors. Borrowers get low, fixed rates with no hidden fees or prepayment penalties. Investors can earn great returns through the platform’s data-driven underwriting for personal loans, creating a new and diverse investment opportunity. Through Prosper, more than $6 billion in personal loans have helped borrowers consolidate their credit card debt, pay for large purchases, make home improvements and cover medical expenses. Prosper Marketplace is headquartered in San Francisco, with offices in Phoenix and Tel Aviv. Learn more about borrowing and investing through Prosper 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.