Marketplace Lender Prosper Releases Latest Performance Update

The team at Prosper notes that they’re sharing performance data from the Prosper Portfolio for October 2022.

Highlights from the Prosper Performance Update – October 2022:

  • Dollar % of AA-B rated loan originations in October comprised approximately 63% of total loan originations, representing a 102 bps increase month-over-month
  • Average Loan Size in October increased moderately to $13,335, representing a 5.5% increase month-over-month
  • Weighted Average Borrower Rate for October originations fell 21 bps month-over-month to 14.68% primarily driven by Prosper Rating mix shift
  • Median Prosper loan to Income (PTI) monthly payment ratio for October increased slightly month-over-month to 5.31%

Portfolio insights and key charts can be found here:

The Prosper Performance Updates are “designed to help our investor community better understand performance trends and provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.”

For additional information about Prosper for investors, check here

You may also review Prosper listings here.

As covered recently, 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.”

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