As 2015 comes to a close, we want to celebrate our community with the launch of the #MyProsperStory contest. We’re giving away $2,500, $5,000, and a full loan payoff, up to $35,000!
We know that there are few feelings better than the one you get after achieving an important financial goal. Whether it’s consolidating your credit card debt, or paying off medical bills, or undertaking a home improvement project, we understand how much patience and perseverance it takes to control your money, so you can advance your financial well being. Now, we want to hear how you prospered this year.
How can you get involved in the 2015 #MyProsperStory Video Contest?
November 3 – 20: Beginning today, send us a short video (3 minutes max) talking about how you used a loan through Prosper to stay on top of your finances. Don’t forget to use the hashtag #MyProsperStory to qualify for prizes.
December 1 – 10: Prosper will select 10 finalists among all the videos submitted. On December 1, we will open voting to the community. Anyone can view the #MyProsperStory finalists and help us pick the winners. (Consider yourself forewarned though: if our last contest was anything to go by, you should prepare yourself for lots of tears and laughs.)
December 15: Winners of the #MyProsperStory will be announced on December 15via the Prosper Blog. The three videos with the highest number of votes will receive:
Second Place: $2,500
First Place: $5,000
Grand Prize: A full loan payoff (up to $35,000!)
All prizes will be applied towards loan balance first. For official rules and submission guidelines, click here.
Your stories inspire us. Prosper is committed to bringing our customers personal loans at affordable rates, so being able to see all that you’ve achieved is especially exciting for us. What’s more—we think your stories will inspire others in the community too! You never know— you could be the encouraging nudge someone else needs to prosper next year.
Now that fall is officially upon us, the Prosper Marketplace team is gearing up for what will be a very busy conference season. Prosper Marketplace CEO Aaron Vermut, President Ron Suber, Chief Business Officer Itzik Cohen and EVP of Capital Markets Eric Thaller will be presenting at some of the industry’s key events about the present and future of marketplace lending.
The industry is at a turning point right now—more and more people are turning to marketplace lending as a way of quickly and affordably getting funds for important life decisions. At the upcoming events, Prosper Marketplace will be discussing how this market will continue to grow, how alternative lending and the asset class will evolve, and how companies can continue to better serve customers and help them improve their financial well-being.
Here is a list of upcoming conferences. We hope to see you there!
October 20-21, London
Speaker: Aaron Vermut – keynote
October 25-28, Las Vegas
Speaker: Aaron Vermut
We’re excited to announce Prosper has surpassed $5 billion in loans originated through its platform since inception. This follows a record quarter with $1.070 billion in loans through the platform, as well as a record daily average. It was only a year ago we crossed the $2 billion mark, and I know I speak for many at Prosper when I say we are humbled by the growth of our community in such a short period of time. And while this $5 billion milestone is a landmark for us internally, what is really important to see is how marketplace lending is completely changing lives and helping advance their financial well-being.
Hundreds of thousands of people have turned to Prosper for access to a loan. Debt consolidation continues to be the most frequent use case, with approximately 288,000 loans taken for this purpose. Here are some additional insights into our community since inception:
Home Improvement: People have been turning to us for spring cleaning and summer renovations — we have seen loans through the Prosper platform for home improvement projects such as remodels, renovations and home repair.
Many people are also taking out loans to pay for elective medical procedures such as LASIK, bariatric, dental and cosmetic surgery.
Consumers also continue to come to Prosper to borrow on their personal credit for purpose of a small business.
While it represents a small percent of our overall community, we’re proud to say that we’ve seen loans through our platform for babies and adoption—helping people realize their dreams of starting a family.
More recently, Prosper Marketplace has also pursued strategic partnerships and acquisitions to expand the company’s reach. Last month Prosper Marketplace announced that it will acquire BillGuard. The transformative acquisition is the first time that marketplace lending and personal finance management have come together to create a full suite of tools to help people make smarter financial decisions. It will be an important step in truly empowering and educating consumers to be financially secure and successful.
Today is an exciting day for our company. This morning, we announced that Prosper Marketplace will acquire BillGuard, a leading personal finance company with operations in Tel Aviv, Israel. This is a transformative acquisition for Prosper Marketplace and the industry. Until now, nobody has brought together marketplace lending and personal finance management to deliver an offering that truly empowers, protects and educates consumers. It’s also an important step in achieving our long-term vision of being a company that helps people be financially secure and successful.
BillGuard was founded in 2010 by Yaron Samid and Raphael Ouzan. The idea was born when Yaron googled an unauthorized charge on his family credit card, and saw countless others spot the same charge. That’s when he and co-founder Raphael saw the power of crowdsourcing to protect against fraud and even overspending. Since launching BillGuard, the app has amassed than 1.3 million registered users and has won almost every award in its category, including being named one of the top banking innovations of all time by Online Banking Report and a Best App of 2014 by Google.
Prosper Marketplace’s mission is to enhance financial well-being, and as we look to the future, we want to find ways beyond Prosper’s personal loan product to help people accomplish this goal. BillGuard helps us do this in a number of ways. First, it helps us create a long lasting relationship with our customers by offering them a full suite of financial tools. It also gives us the opportunity to lower our cost per acquisition, and to be in front of the customer when they are ready to make a credit decision.
In addition, we’re also welcoming an incredible group of people to the Prosper Marketplace organization. With the addition of the BillGuard team, we now have access to the impressive talent pool in Tel Aviv, a technology hub that is on par with what we have here in Silicon Valley.
The opportunity to build a team there that complements our already strong team in SF will help us further accelerate our product development.
The BillGuard acquisition follows a year of significant growth and announcements. Earlier this year, we acquired American Healthcare Lending, which has allowed to successfully extend our offering into the elective medical market, and last week, we partnered with Radius Bank to offer personal loans through the Prosper platform to the bank’s customers. The company facilitated the origination of $1.6 billion in loans through the Prosper platform in 2014 – a 350% increase from 2013 – and it expects to more than double that in 2015. To date, nearly $5 billion in loans have been transacted through the Prosper platform. In addition, Prosper Marketplace was recently named to Inc. Magazine’s 2015 Inc. 500, a list of the fastest growing private companies in America and was named one of America’s “Most Promising Companies of 2015” by Forbes Magazine.
We’re excited about our shared vision with BillGuard for the future of fintech. You can read more in the press release we put out this morning.
We’re excited to announce today a partnership with Radius Bank — a nationwide full-service bank with a leading virtual banking platform.
At Prosper Marketplace, we believe in providing innovative alternatives to how people manage their finances while offering transparency and access to competitive rates. Radius Bank also takes a forward-looking approach, in their case by providing the online and mobile capabilities of a virtual bank and the personalization of a community bank: Radius Bank customers can access their banking accounts anytime anywhere by visiting radiusbank.com using their smartphone, tablet or laptop.
Starting this week, Radius customers can apply for a loan through Prosper by visiting this site. Loan amounts range from $2,000 to $35,000, and are at fixed rates and terms.
We’re looking forward to working with a bank that has a digital, next-generation focus that aligns with our approach to personal finances. Together, this means even more people will have the opportunity to take out personal loans through the Prosper lending platform in a seamless way with their other financial activities.
Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.
As of February 1, 2013, the Prosper marketplace was transferred by Prosper Marketplace, Inc. to Prosper Funding LLC, a wholly-owned subsidiary of Prosper Marketplace, Inc. From and after February 1, 2013 Prosper Funding LLC is the sole obligator of Notes offered and secured by loans made through the Prosper marketplace, including Notes originally issues by Prosper Marketplace, Inc. prior to such transfer. Prosper Marketplace Inc. contiinues to provide services to Prosper Funding LLC relating to loan and Note servicing, and may interact with borrowers and investors in relation thereto as agent of Prosper Funding, LLC. Except where otherwise noted, throughout this website "Prosper" refers to Prosper Funding LLC including acting directly or through its agents.
All personal loans are made by WebBank, a Utah-chartered Industrial Bank. All Prosper personal loans are unsecured, fully amortizing personal loans.
Notes offered by Prospectus. Notes investors receive are dependent for payment on personal loans to borrowers. Not FDIC-insured; Investments may lose value; No Prosper or bank guarantee. Prosper does not verify all information provided by borrowers in listings. Investors should review the prospectus before investing.