Prosper Marketplace, which operates a privately held p2p lending marketplace, today announced a 165 million US$ Series D financing, led by Credit Suisse NEXT Investors, part of Credit Suisse Asset Management. Additional participants included J.P. Morgan Asset Management, SunTrust Banks, a subsidiary of USAA, BBVA Ventures (BBVAâ€™s representative office in San Francisco), Neuberger Berman Private Equity Funds, Passport Capital, Breyer Capital, and others. The latest funding will support the companyâ€™s continued growth, expansion, and development of a national brand as it builds new products and services for the marketplaceâ€™s borrowers and investors. This round put the valuation of the company at roughly 1.87 billion US$.
The funding comes on the heels of a record quarter, with nearly 600 million US$ in loans originated through the Prosper platform, up 200% from the year ago quarter. The significant growth is a true indication of the increasing mainstream acceptance of marketplace lending.
â€œThis investment is a testament to the efforts of our entire team in changing how people experience access to credit,â€ said Aaron Vermut, chief executive officer at Prosper Marketplace. â€œThe explosion of interest in P2P lending demonstrates that a shift is in progress in the way that consumers borrow and lend. This new funding will help us scale the business to meet this growing awareness and demand.â€ Continue reading