Prosper Marketplace, Inc., a leading peer-to-peer lending company, today announced it has raised $25 million in additional funding to accelerate the company's growth at a time when peer-to-peer lending is attracting a record number of borrowers and lenders.
The round, which was led by existing partner Sequoia Capital, also includes a new investment by BlackRock, the world's largest asset manager, as well as a broad representation of existing investors.
Since bringing on a new management team in January 2013, the Prosper platform has more than tripled its monthly loan originations, rising from $9 million in January to $32 million in August, and bringing total loans to more than $600 million since inception. The company has also been focused on its foundation, improving efficiencies and introducing new products to the Prosper platform that have benefited existing customers and helped to attract new borrowers and lenders.
"We're very pleased to be partnering again with Sequoia Capital and now with BlackRock, a worldwide leader in investment management, risk management and advisory services. Their investment in Prosper underscores the huge potential of this company and the peer-to-peer lending industry overall," said Stephan Vermut, CEO, Prosper Marketplace. "We've made great progress over the past eight months as evidenced by the platform's consistent growth in loan originations. This round of financing will be instrumental as we continue to invest in our infrastructure, products and customer acquisition in order to further fuel our growth."
"We're thrilled with the rate at which Steve and his team have improved upon Prosper's business model, enabling more and more individuals to discover better rates and have a more positive experience," said Pat Grady, a partner at Sequoia Capital. "We're proud to support Prosper in their mission to streamline and democratize the capital markets."
"Prosper is a leader among an emerging group of lending companies that use technology to more readily connect borrowers and lenders - providing unprecedented choice and enabling both parties to better achieve their goals," said Brian Stern, Managing Director and a member of BlackRock Alternative Investors. "We believe that Prosper exemplifies the type of thoughtful innovation that will enable greater access to and growth in global capital markets."