Leading marketplace lending platform Prosper announced on Tuesday the release of its Second Quarter 2019 Financial Results. Prosper reported that during the quarter personal loan originations increased 27% compared to the first quarter of 2019, and the online lender has now generated positive adjusted EBITDA in eight out of the last nine quarters.
Financial summary:
- Total Net Revenue, which includes the non-cash impact related to warrants to purchase preferred stock, increased to $42.9 million in Q2 2019 compared to $31.7 million in Q2 2018.
- Core Revenue, which excludes the non-cash impact related to warrants to purchase preferred stock, decreased to $50.7 million in Q2 2019 compared to $52.3 million in Q2 2018.
- Net Loss decreased to ($0.6) million in Q2 2019 compared to a Net Loss of ($12.6) million in Q2 2018.
- Adjusted EBITDA decreased to $5.3 million in Q2 2019 compared to $8.8 million in Q2 2018.
Speaking about the latest financial results, David Kimball, CEO of Prosper Marketplace, stated:
“Prosper had a strong second quarter driven by solid consumer demand for our personal loan product and stable funding. We successfully exited the arrangement with a consortium of investors that was signed in 2017, and have replaced that funding with a variety of new investors, including a partnership with PenFed Credit Union that covered over 10% of our personal loan volume last month. We also continue to make significant investments in our digital HELOC product, using our expertise in consumer lending to dramatically improve the traditional experience of obtaining a HELOC.”
Prosper went on to add that also during the second quarter, it continued beta-testing a mobile app for its investor community. The Prosper Invest app lets individual investors manage their account from their mobile device, from adjusting their investment portfolio to transferring and allocating funds, to checking their returns. The app is now available for download on iOS and Android devices.