San Francisco – April 23, 2025 – Prosper Marketplace, a fintech pioneer providing affordable financial solutions to consumers across the credit spectrum, proudly celebrates its 20th anniversary. In 2005, the Prosper platform revolutionized how Americans could advance their financial well-being through online lending opportunities and by investing in each other’s goals. Since its founding, Prosper has helped more than 2 million customers access nearly $30 billion in total funding, while expanding its suite of products.
“Prosper was established 20 years ago by Chris Larsen and John Witchel as part of their quest to democratize consumer lending and create opportunities previously unavailable through traditional banking channels,” said David Kimball, CEO of Prosper. “As consumers’ needs have grown, we have grown alongside them. Today, we’ve evolved into a comprehensive financial platform, offering simple, trusted, and affordable solutions that help people transform their lives.”
Throughout the past 20 years, Prosper has expanded from a single-product marketplace to a suite of products, offering customers a variety of ways to meet their financial goals. Prosper’s customers have used its product offerings for debt consolidation, home improvements, medical expenses, emergency funds, and more. These customer-centric solutions available through Prosper include:
- Personal Loans*: Fixed-rate unsecured personal loans to consolidate debt or bridge financial gaps.
- Investments in Peer-to-Peer Loans: The first, and now the only, peer-to-peer lending marketplace in the U.S. offers individual investors an alternative asset class.
- Home Equity Products: Home equity lines of credit and home equity loans launched in 2019 and 2022, respectively, to give people the flexibility to use their equity while keeping their existing mortgages.
- Credit Card: The Prosper® Card launched in 2021 to help customers take control of their finances.
Innovation remains central to Prosper’s growth strategy. As an early adopter of AI and data science, Prosper harnesses the power of machine learning (ML) to improve loan origination processes and continuously enhance the borrower experience. Prosperity, Prosper’s proprietary large language model (LLM) application, provides customer service agents with comprehensive insights to better serve borrowers. Beyond Prosperity, Prosper’s ML infrastructure powers advanced credit and fraud risk models, leveraging 20 years of knowledge and insights to enable our team to make decisions and predict risks like fraud, loan stacking, and early payment default.
Prosper’s product suite, proprietary technology, and its overall industry disruption continue to be recognized by its industry peers. The firm won the 2024 Finovate Award for Best Consumer Lending Solution and was named one of the World’s Top 250 Tech Companies by CNBC. In addition, Prosper was recognized in the 2024 Bankrate Awards for Best in Personal Loans, and in 2023, the firm was honored with the FICO® Decisions Award for Financial Inclusion.
“Our founders launched Prosper 20 years ago to radically improve the lending experience for consumers, and their vision has been central to all that we have done since to make the process of accessing credit fast and simple,” said Allyson Bryant, Head of Product and Marketing at Prosper. “Looking at how much we have done for consumers, and how far we have come in our first two decades, we look forward to what we can accomplish over the next 20 years—and beyond.”
About Prosper
Founded in 2005, Prosper introduced U.S. consumers to an innovative new approach to personal finance called peer-to-peer lending. Twenty years later, Prosper has helped over 2 million customers achieve financial well-being through a comprehensive suite of products.
Prosper’s flagship personal loan marketplace continues to offer a unique value for borrowers and investors alike. Home equity loans and lines of credit through Prosper provide homeowners a range of options and choices for tapping into the equity they’ve worked hard to build. The Prosper® Card supports people seeking access to credit and flexibility in managing their finances.
Regardless of the product, Prosper is dedicated to meeting people where they are in their financial journey, in order to advance their financial well-being. Learn more at www.prosper.com.
*All personal loans made by WebBank.
Prosper’s borrower payment dependent notes (“Notes”) are offered pursuant to a Prospectus filed with the SEC. Investors should carefully consider the risks, uncertainties, and other information described in the Prospectus before investing.
The Prosper® Card is an unsecured credit card issued by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard® International.
All home equity products are underwritten and issued by Prosper’s Lending Partners. Please see your agreement for details.
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