The growth trajectory continues in June with over $27.5 million in loans originating through the platform, setting yet another platform record and bringing the platform total to almost $550 million loan originations since inception. We also broke last month’s record for the number of loans to originate through the platform, setting a new record of 2,694 loans originated in June. This represents over 100% growth from this time last year.
In June, loan originations split equally between the two pools. In the standard loan pool, we have lowered the maximum bid amount any one lender can invest in a given loan from 75% to 50%. This enables more lenders access to a larger inventory in that pool. As we have highlighted in previous blog posts, our focus this summer is to lay the foundation for accelerated growth in the latter part of 2013. The success of both the whole loan and standard loan pools thus far lines up with this plan.
As a function of this foundation for the future we have highlighted customer service as a key pillar of our business. In previous months we extended customer service hours and in June we significantly ramped up staff to provide additional support for both borrowers and lenders. We will continue to monitor our customer service levels very closely and provide updates in future posts.
In June, we were thrilled to participate and attend the inaugural peer-to-peer lending conference in New York City, LendIt 2013. LendAcademy’s Peter Renton and his team pulled together a fantastic agenda spurring great dialogue on the massive opportunity in front of us all in this industry. To top it off, Ron Suber, Prosper Marketplace Head of Global Institutional Sales, provided the closing keynote address. Watch Ron’s address here.
We’re not the only ones excited about peer-to-peer lending. Media coverage on peer-to-peer lending is picking up dramatically. We’ve decided to include a news roundup in these monthly updates. Below are some articles that you may find interesting.
- Yahoo! Finance: P2P Lending Pulls in Big Investors – Should you Bite?
- Fox Business: Peer-to-Peer Loans Catch on for Credit Card Debt Consolidation
- Reuters: How to Play Banker on the Web
- Bloomberg: Speed-Dating the Bankers: Finovate and How Tech is Changing Money
We continue to improve our collection programs on behalf of our lenders. We are very encouraged by the early results and plan on providing a blog post specifically around the topic of collections in the coming weeks when we have more data.
We would like to thank everyone for their involvement on our platform – the amazing growth we have seen the last three months is not possible without you. Please keep the feedback coming, and check back for more good news in the near future.
President, Prosper Funding LLC