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Crossing $5 Billion and Advancing Financial Well-Being

By 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.

We’ve seen mothers being able to give daughters their dream wedding, college students turn their passions into prospering businesses, people getting their financial life back on track by consolidating high-interest debt. These are the stories that inspire us to continue connecting borrowers and investors and help people 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.

Since Prosper Marketplace acquired American Healthcare Lending in January (now Prosper Healthcare Lending), we’ve also seen how personal loans can positively impact the lives of people undertaking elective medical procedures, an industry traditionally characterized by high rates and few options. Prosper Marketplace has also forged partnerships with banks, including Radius Bank, a full-service bank with a virtual banking platform, and Western Independent Bankers, a consortium of small community banks to make taking out loans through Prosper even more seamless.

We’ve accomplished a lot on the path from $1B to $5B – you can check out all of Prosper Marketplace’s major milestones over the past few years in this infographic:

Thank you to all of our customers for helping us get here. Here’s to the next $5B!

All loans through Prosper made by WebBank, a Utah-charted industrial bank, member FDIC.


10/02/2015 by in Borrowers, Featured, Lenders, Prosper News

Prosper Marketplace to Acquire Personal Finance Company BillGuard

By Aaron Vermut

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.



09/24/2015 by in Borrowers, Featured, Lenders, Personal Finance Education, Prosper News, Prosper Spotlights

Prosper Marketplace Partners with Radius Bank to Offer Personal Loans to More People

By Itzik Cohen

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.

Welcome Radius customers!


09/18/2015 by in Featured, Prosper News

Parker Barrile Joins Prosper Marketplace as Chief Product Officer

By Aaron Vermut

We’re excited to welcome Parker Barrile to the Prosper team as Chief Product Officer. Parker will be leading the product and user experience teams. He will also be responsible for growing our web and mobile products. Parker is passionate about fintech and has an impressive background building and designing products for fast-growing companies.


Before joining Prosper, Parker was vice president of product at LinkedIn, where he launched consumer and enterprise products. He previously worked at Google and Bain & Company. He also founded Predictify, a community-based platform where users vote on predictions about current events — for example, if a certain sports team will win or if a certain politician will be elected to office.

Parker joins us at pivotal time. We recently closed out our largest quarter ever, with $912 million in loan originations and more than $4 billion in loan originations since our launch in 2006.

Welcome to the team, Parker!

09/10/2015 by in Featured, Prosper News, Prosper Spotlights

Saying Aloha to a Debt Free Life in Maui

By Bill Walker

When most people think of Hawaii, they picture pristine beaches, surfing in warm waters and enjoying tropical drinks. That’s the life Barbara Vance imagined when she moved from the mainland to Makawao, a rural area in the eastern part of Maui. But she quickly realized the high cost of island living was too much for her to handle on her own.

“I was at my breaking point spending every penny I was making, paying bills and coming up short pretty much each month,” says Barbara. “[I had] to use a credit card for food and it just wasn’t working out. I was considering moving back to the mainland to a less expensive place.”

Then she opened a marketing letter from Prosper about personal loans and realized marketplace lending could be the solution she needed. She filled out the application quickly and easily and was approved for a loan right away.

The average American household carries $15,863 of total credit card debt, yet only about half of credit card holders pay their balance in full, according to a recent survey commissioned by Prosper Marketplace. Like many Americans, Barbara was struggling to pay off her credit card debt, but since receiving a loan through Prosper, she has paid off most of it. Barbara is thankful to the Prosper community because now she is able to worry less about her financial situation and simply enjoy living in Maui.

Note: This post is based on a video submitted to our $2 Billion Strong Contest. To see more videos, visit our Facebook page.

All loans are personal loans made by FDIC-member banks. Equal Housing Lending. Marketing materials are sent on behalf of WebBank.

09/03/2015 by in Borrowers, Featured


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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.