Prosper Marketplace, which claims to be the “first” peer-to-peer lending platform in the United States, announced the closing of a new $75 million financing “from a fund managed by Neuberger Berman.”
This capital enables Prosper “to meet strong consumer demand for its personal loan, credit card, home equity, and investment products, and accelerates growth opportunities for the company over the coming years.”
The new financing comes “at a time of strong year-over-year growth for Prosper. In the third quarter, Prosper facilitated over $1 billion of personal loan originations (over 2x year-over-year growth) through its platform.”
The company now “has over 150,000 customers for its credit card product that launched last December and recently launched a new fixed-rate home equity loan product that complements its existing home equity line of credit product.”
David Kimball, CEO of Prosper Marketplace, said:
“This is one of the most exciting times in Prosper’s history. This additional capital will enable us to accelerate investments across all our products and expand our reach as a financial technology platform that transforms the lives of people across the credit spectrum.”
Zhengyuan Lu, Managing Director at Neuberger Berman, remarked:
“We have been thoroughly impressed by Prosper’s approach to managing its business and are thrilled to partner with the company in its mission to advance financial wellbeing.”
As covered, Prosper claims that it “offers affordable and personalized financial solutions that empower customers as they move across the credit spectrum.”
A purpose-driven pioneer of peer-to-peer lending, Prosper has reportedly “helped 1.5 million people, and counting, achieve financial well-being.”
With the right strategy, passionate employees, and broad product mix, Prosper says that it is poised “to scale – and to be there for its customers and investors for decades to come.”
As covered recently, Prosper Marketplace announced access to a new fixed-rate Home Equity Loan (HELoan) product for its customers in select US markets, “following the lending platform’s strong performance in personal loan origination last quarter.”
This new product “complements Prosper’s suite of home equity products and resources and allows homeowners to leverage the equity in their home to secure a loan up to $249,0001.”
Pandemic-driven demand “sent home values soaring over the last few years, resulting in U.S. home equity hitting a record $27.8 trillion dollars in June 2022, according to the Federal Reserve.”