Prosper Releases Full Year 2018 Financial Results

Prosper, a leading peer-to-peer lending platform connecting borrowers and investors, has released the financial results for the full year ended December 31, 2018. Financial highlights include:

  • Total Net Revenue, which includes the non-cash impact related to warrants to purchase preferred stock, decreased to $104.4 million in 2018 compared to $116.2 million in 2017
  • Core Revenue, which excludes the non-cash impact related to warrants to purchase preferred stock, increased slightly to $176.7 million in 2018 compared to $176.4 million in 2017
  • Net Loss decreased to ($39.9) million in 2018 compared to a Net Loss of ($115.2) million in 2017
  • Adjusted EBITDA increased to $9.4 million in 2018 compared to $5.5 million in 2017

While sharing details about the results, David Kimball, CEO of Prosper Marketplace, stated:

“Last year we made good progress positioning the company for long-term sustainable growth and profitability with the development of our new digital HELOC product that is rolling out in 2019, while efficiently managing our personal loan business. Over the last couple of years, we have significantly diversified our funding sources through new institutional and bank investors on our platform, $500 million of committed warehouse facilities, and our company sponsored securitization program that has attracted over 60 investors. We will continue to prioritize a balanced marketplace that provides a fair price for borrowers and solid risk-adjusted returns for our investors and bank partners.”

Prosper also reported that since its launch in 2017, the Prosper Marketplace Issuance Trust securitization program has closed six successful securitizations to date totaling $2.8 billion. The company also noted that last year it closed its first warehouse facility with $200 million in commitments and in March 2019, the lender closed its second warehouse facility with $300 million in commitments, providing the company with $500 million in total committed warehouse capacity to invest in personal loans originated through the Prosper platform alongside our investors.

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