Prosper seals $500m forward flow agreement with Fortress and Edge Focus
US peer-to-peer lender Prospect Marketplace has agreed a $500m (£374m) forward flow agreement with funds managed by affiliates of Fortress Investment Group alongside Edge Focus.
The agreement will help Prosper increase access to credit for borrowers seeking personal loans. Fortress and Edge Focus have agreed to buy a fixed portion of unsecured personal loans originated through Prosper’s platform, up to an aggregate of $500m.
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“Since 2005, Prosper has helped more than 2m Americans achieve their dreams with access to personal loans, credit cards, home equity lines of credit, and home equity loans,” said Usama Ashraf, president and chief financial officer of Prosper.
“Our partnership with Fortress and Edge Focus furthers our ability to pursue our mission and vision.”
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Kevin Hennessy, chief investment officer of Edge Focus, said: “Our joint venture with Fortress creates win-win-win opportunities – expanding Prosper’s ability to responsibly serve more borrowers, delivering attractive returns to the JV investors, and providing borrowers with access to affordable financial solutions.
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