SAN FRANCISCO- April 8, 2015– Prosper Marketplace, which operates the largest privately held online marketplace for credit, today announced a $165 million Series D financing, led by Credit Suisse NEXT Investors, part of Credit Suisse Asset Management. Additional participants included J.P. Morgan Asset Management, SunTrust Banks, a subsidiary of USAA, BBVA Ventures (BBVA’s representative office in San Francisco), Neuberger Berman Private Equity Funds, Passport Capital, Breyer Capital, and others. The latest funding will support the company’s continued growth, expansion, and development of a national brand as it builds new products and services for the marketplace’s borrowers and investors.
The funding comes on the heels of a record quarter, with nearly $600 million in loans originated through the Prosper platform, up 200% from the year ago quarter. The significant growth is a true indication of the increasing mainstream acceptance of marketplace lending.
“This investment is a testament to the efforts of our entire team in changing how people experience access to credit,” said Aaron Vermut, chief executive officer at Prosper Marketplace. “The growing interest in marketplace lending demonstrates that a shift is in progress in the way that consumers borrow and lend. This new funding will help us scale the business to meet this growing awareness and demand.”
Vic Pascucci III, head of corporate development at USAA said, “USAA invests in companies and start-ups to combine the best of external innovation with the best of internal innovation to serve USAA’s members and mission. As the nation’s first peer-to-peer lending service, Prosper has pioneered a new model that makes it simpler to get an unsecured loan. Prosper’s digital capabilities and peer-to-peer lending services are just the kind of innovation we look for in an investment.”
Jim Breyer, returning investor, Founder/CEO of Breyer Capital and Partner at Accel Partners, said, “The accelerating growth of peer-to-peer lending demonstrates that there is a compelling opportunity to disrupt traditional models by improving the experience and enhancing value for people all around the world on both sides of the borrowing and lending equation. The talented team at Prosper has done a tremendous job of creating a trusted and recognized brand, and we are excited to continue supporting the company as it enters its next phase of growth.”
Prosper Marketplace was recently named one of Forbes’ “Most Promising Companies in America” in 2015. The company was also awarded the Deloitte Fast500, recognizing the fastest growing public and private companies in North America, and is part of the AlwaysOn OnFinance Top 100, recognizing the most promising private companies in business, personal finance and digital currencies. For the past three years Prosper Marketplace has been recognized as one of the fastest growing private companies in the Bay Area by the San Francisco Business Times.
Prosper Funding LLC (“Prosper”), headquartered in San Francisco, owns a leading online marketplace for consumer credit. Prosper 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, Prosper offers people a superior way to borrow money at fair rates. Over the past six years, more than $3 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 Prosper at www.prosper.com. Prosper Marketplace, Inc. was founded in 2005, and is the parent company of Prosper Funding LLC.