Prosper has announced a new milestone. The marketplace lending platform has topped $5 billion in loans matched via its platform. According to Prosper, the lending platform had a record quarter of $1.070 billion in loans. Only a year ago, Prosper passed the $2 billion mark.
The company stated “what is really important to see is how marketplace lending is completely changing lives and helping advance their financial well-being.”
Debt consolidation remains as their top lending category. A growing number of consumers have come to discover it is far less expensive to consolidate credit card debt into a single loan. Prosper states that over 288,000 loans have been taken for this reason. Other categories include home improvement, medical and personal loans that are used to help finance small business. Prosper acquired American Healthcare Learning in January, rebranded as Prosper Healthcare Lending, creating a specific vertical for elective medical procedures.
A couple weeks back, Prosper acquired Israel-based startup BillGuard. The company reaffirmed this acquisition as “transformative” as it pushes deeper into the personal financial management space.
Prosper continues to form strategic partnerships with small banks and associations to build upon their financial ecosystem.
It was not that long ago that Prosper was a mere novelty in the financial world. Today it is a fast growing, highly efficient lending platform that has charted a path to tackle the multi-trillion dollar lending industry.
