US peer-to-peer lending outfit Prosper has named the former head of Citibank Sweden, Nick Talwar, as chief revenue officer.
In his new role Talwar is charged with growing the company's customer base and revenue. According to a recent report from Deutsche Bank, Prosper is already the world's largest P2P lending marketplace and claims over $185 million in loans and 850,000 members.
However, the firm has had a difficult year, only resuming lending in July after being forced to close its doors to new loans last November in order to register its business with the SEC. Last month it raised $1 million in debt financing.
Before joining Prosper, Talwar served as the CEO of Citibank's consumer business in Sweden. Prior to his role in Sweden, he launched and served as the business head for Flexible Equity Lending, a joint venture between Smith Barney and Citi's Consumer Assets Division, and as head of sales and strategy for Citi's credit card business in Europe, the Middle East and Africa.
Says Talwar: "Over the course of the last eighteen months it has become increasingly evident that the traditional financial services marketplace is leaving significant gaps in meeting the needs of consumers. In the wake of this new reality, Prosper is perfectly suited to help drive a more sustainable consumer lending model in which individuals play a greater role and get a better deal in meeting their financial needs."
Chris Larsen, CEO, Prosper, adds: "Nick Talwar's proven track record in growing consumer financial products and markets from the ground up strengthens our ability to continue to lead the peer-to-peer lending industry into the mainstream of American consumers' financial lives."