SAN FRANCISCO--(BUSINESS WIRE)--Prosper, a leading peer-to-peer lending company, today announced its largest month ever, closing October with over $50 million in loan originations, a 50% increase over September and a 500% increase from January. This is the 8th consecutive month of growth for Prosper, which has originated $690 million in loans to date as peer-to-peer lending continues to gain significant momentum as an easy, low-cost alternative to traditional lenders.
“Our number one goal is to create the best possible experience for both borrowers and lenders on our platform,” said Stephan Vermut, CEO, Prosper. “We do this by originating each and every loan through the platform as soon as it is funded by lenders and verified by our credit team. This reduces the lag time so that qualified borrowers are quickly provided access to the funds they’ve requested, and lenders can put their capital to work immediately.”
The company’s growth over the past nine months has been driven by its focus on improving the customer experience for borrowers and lenders. It recently rolled out major improvements to the borrower application process, which has resulted in more people getting through the process and quickly finding a loan that fits their needs. The changes also included implementing new data sources, as well as improved credit score and history information to help better calibrate pricing to borrowers' expectations.
On the lender side, Prosper continues to attract new retail and institutional lenders worldwide because of its ability to deliver high-yield, monthly paying, short duration loans with returns not correlated to traditional fixed-income investments. The platform’s recently enhanced API provides the data lenders need to effectively manage their investments.
“The growth on our platform this month underscores the value that peer-to-peer lending brings to borrowers and lenders. We remain focused on working towards profitability, and making sure that we are appropriately staffed to offer the best experience in the industry,” added Vermut.
Prosper Marketplace, Inc. was recently named number 12 on the “Fast 100,” a list of the fastest growing private companies in the Bay Area by the by the San Francisco Business Times. Prosper Marketplace earned its ranking on the October 2013 list with 532 percent revenue growth between 2010 and 2012. In addition to the Fast 100, Prosper Marketplace also ranked on the Inc. 500/5000 2012, a list of the fastest growing private companies in the country.
Prosper Funding LLC (“Prosper”) owns a leading peer-to-peer financing platform to invest and borrow money (the "Prosper platform"). The Prosper platform connects people who want to invest money with people who want to borrow money. On the Prosper platform, borrowers list loan requests between $2,000 and $35,000, and retail and institutional lenders invest as little as $25 in each loan listing they select. Institutional investors can also elect to participate in the Whole Loan Program. Over the past six years, more than $690 million in personal loans have originated through the Prosper platform. The unsecured personal loans are used by Prosper borrowers for a variety of purposes including paying down high interest rate debt and helping with small business funding. Learn more at www.prosper.com. Prosper Marketplace, Inc. is the parent company of Prosper Funding LLC.