Today Prosper 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.
