On Friday, marketplace lending platform Prosper announced it was officially discontinuing its Prosper Finance Daily app on Monday (August 31st). The online lender revealed to help its users through the transition, it has teamed up with personal finance app Clarity Money to offer some of the same features as Prosper Daily.
“Since its launch in 2016, Prosper Daily has helped people track their spending, protect their identity and monitor their credit score. We’re incredibly thankful to all of our users and to everyone that has worked with us on Prosper Daily (formerly BillGuard) along the way. This decision is part of Prosper’s continuing focus on creating a category-defining experience for borrowers, as well as for investors interested in consumer loans. Prosper continues to see growth and momentum across its business, and our current position of strength gives us the opportunity to further enhance the experience for borrowers and investors.”
Prosper also explained that once the app is discontinued, it will no longer have access to users’ financial accounts, and the wind-down process will adhere to industry best practices to ensure that users’ personal information remains protected. It then added:
“Prosper Daily subscribers that paid for the entire year will be reimbursed for the outstanding balance. We will be stopping billing as of 7/31, and the pro-rated refund will be credited to your account 5 to 10 business days later. So for example, if someone paid in May 2017 for one year, they received 3 months of service, and would be refunded for 9 months. Those who pay monthly will no longer be charged a monthly fee starting in August.”