Prosper raises $75m in growth capital
US peer-to-peer lending platform Prosper has raised $75m (£62.9m) from a fund managed by Neuberger Berman.
The firm said the new capital will enable it to meet strong consumer demand for its personal loan, credit card, home equity and investment products, and accelerate growth opportunities over the coming years.
The new financing comes at a time of strong year-on-year growth for Prosper. In the third quarter, Prosper facilitated more than $1bn of personal loan originations, equating to more than double year-on-year growth.
Read more: Prosper sees average loan size fall by two per cent
The platform now has more than 150,000 customers for its credit card product, which launched last December, and recently launched a new fixed-rate home equity loan product that complements its existing home equity line of credit product.
“This is one of the most exciting times in Prosper’s history”, said Prosper Marketplace chief executive David Kimball. “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.”
“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”, added Neuberger Berman managing director Zhengyuan Lu.
Read more: Prosper commits to retail P2P amid LendingClub exit
