As many have presumed, Prosper is in the process of raising another round of capital to continue building what is emerging as the future of consumer and small business financing. The process is going well and we have strong interest from a number of world class investors. We look forward to announcing our Series D round soon.
In the interim, we are very pleased to announce a $2 million financing bridge from our existing investors: Accel Partners, Benchmark Capital, DAG Ventures, Meritech Capital, Omidyar Network, and Volition (formerly Fidelity Ventures). As always, we are greatly appreciative of their unwavering support and excitement about Prosper and the enormous opportunity before us.
The fund raise is one of many developments we’re excited about at Prosper. First and most importantly, as a result of the changes we introduced last July, we’re pleased that estimated lender returns are tracking very well. In addition, continuing to attract high quality borrowers – the cornerstone of great lender returns – is our top priority as evidenced by the recent additions to our leadership team. With the persistent disruption of the traditional banking system, there is a world of opportunity to drive great loan assets to our lenders. However, we will be disciplined in our approach to the risk/return tradeoff, meaning we will grow volume responsibly and steadily.
As peer-to-peer lending enters the next stage of its evolution, it is clear that the industry will become a third way of banking. A way that is more durable and transparent than the now discredited Wall Street securitization schemes; more opportunistic for lenders; and fairer for borrowers compared to credit card companies in particular.
We look forward to continuing to keep you apprised of our progress and major developments. Your support is immensely appreciated.
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