Fast Company has named Prosper a Fast 50 2008. The acknowledgement is in the March issue and on their website.
What if people could borrow and lend money to each other without any banks in the middle? That’s the idea behind two-year-old Prosper.com.
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The idea melds the debt market with online social networking. Lenders can log on to browse a list of prospective borrowers, and fund all or part of the applications they find intriguing. Since its founding, Prosper has facilitated the funding of more than $120 million in loans, averaging just over $6,000 each; in 2007, loans averaged $7,000. Prosper makes its money by charging fees to both sides of the deal.
