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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

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

Prosper Introduces Sixth-Generation Credit Model

By Eric Thaller

We are very pleased to announce that starting Thursday evening, August 13th, Prosper will begin using an updated credit model, PMI 6.  We have many goals at Prosper, but first and foremost, we are focused on ensuring that the pricing, credit, risk and underwriting model we use is constantly improving. This benefits all of our customers – retail investors, institutional investors and our borrower members.

Advances in the credit model – from the early days, to PMI 4 in 2013, PMI 5 in 2014 and now PMI 6 – have enabled us to provide access to more loans to credit-worthy people for a variety of purposes, including consolidating high-interest debt. Since inception, more than $4 billion in loans have originated through the Prosper platform, and the company continues to grow as more people turn to Prosper for an easier and smarter way to borrow money.

The launch of PMI 6 underscores our commitment to ongoing improvement, and will enable us to continue our growth while maintaining loan quality.

Investors that have questions about PMI 6 can email the Prosper Investor Services team at investorteam@prosper.com.

08/12/2015 by in Featured, Lenders, Prosper Spotlights

Prosper Opens for Business to Investors in Indiana

Posted By Eric Thaller

Today we announced that the Prosper platform is now available to investors in Indiana. With the addition of Indiana, Prosper is now open to investors in 32 states and the District of Columbia. We appreciate the work of the state regulators to bring this investment opportunity to its residents.

As one of the only platforms open to unaccredited individual investors in the U.S., Prosper offers a great way for individuals to diversify an investment portfolio with an asset class that provides attractive returns.

Indiana residents can open a traditional investment account or a Prosper retirement account, which offers certain tax advantages. We suggest a minimum investment of $2,500 in order to properly diversify across at least 100 notes.

For borrowers, marketplace lending offers access to competitively priced loans that have fixed terms, transparent fees and no prepayment penalty. Borrowers come to Prosper to consolidate high-interest debt or fund large purchases such as home improvement projects, medical expenses, or weddings and other special occasions.

The news about Indiana follows our announcement last week of another record quarter that has pushed us above $4 billion in loan originations through the platform since it launched in 2006. We just closed out our largest quarter ever — $912 million in loans originations through the platform, a staggering increase of 1166% in two years.

We’re thrilled to welcome Indiana investors to the platform and to be able to offer more people a better way to borrow and invest. We look forward to working with more states in the future.

07/13/2015 by in Featured, Lenders, Prosper Spotlights

Prosper Reaches New Milestones — $4 Billion in Loans Following Another Record Quarter

In early 2013, when my partners, Steve and Ron, and I joined Prosper Marketplace, this company and this industry were in a vastly different place. Prosper Marketplace had just closed out 2012 with $150 million in loans originated through the platform, 85 employees, and frankly, a future that was very much in question. At the time, we had no expectation that Prosper would reach the kind of loan volume it is doing today. We just knew that Prosper could help people get out from burdensome high-rate debt and be a better option for paying for large-ticket purchases. We set to work building, hiring and fixing things here, with the goal of bringing in the best people and scaling the business

Back in the second quarter of 2013 (our first full quarter at the company) Prosper originated $72 million in total loans through the platform. Fast-forward two years, and we just closed out our largest quarter ever — $912 million in loans originations through the platform, a staggering increase of 1166% in two years. This brings us to another milestone – today, we crossed more than $4 billion in loans on the platform since launching in 2006. This growth has not come at the expense of quality – we continue to deliver excellent loan performance and the quality of our loans is stronger than ever.



As we look toward the second half of the year we see that Prosper is currently on track to double the $1.6 billion in loans originated through the platform in 2014, which in itself was a record (and a 350% increase from 2013). These numbers underscore the continued growth and momentum of marketplace lending as it moves toward mainstream awareness. More and more people are realizing that marketplaces and online lending are a better way to borrow and invest. And the industry is noticing as well. So far this year, Prosper Marketplace has been named one of Forbes Magazine’s Most Promising Companies of 2015, and AlwaysOn named Prosper Marketplace the OnFinance Company of the Year, as well as one of their Global 250 Top Private Companies.

Our focus remains on bringing consumer-friendly personal loans to more people, and making changes to improve the experience for both its borrowers and investors. This includes launching a responsive website that functions across desktop and mobile devices, and making continued improvements to the verification process so it is a fast and streamlined experience. We are seeing more people come back for their second loan through Prosper, as well as a wider variety of use cases beyond debt consolidation, such as large purchases, medical expenses, and home improvement projects.

Prosper is also making improvements for its retail investors, which remain a core part of the Prosper investor community. In April Prosper introduced an update that gives retail investors better visibility into pending orders and makes it easier for them to access data. In the coming months there will also be more data analytics and account management tools to improve investors’ experience using the platform. As Prosper works to broaden access for retail investors, we also saw the launch of the first publicly traded fund through River North, a significant move toward broadening retail access to marketplace loans.

To keep up with all of this growth, Prosper Marketplace continues to grow its team in all of its locations. We now have more than 457 employees with offices in San Francisco (recently named one of the coolest offices in the Bay Area by the SF Business Times), Salt Lake City (where we just opened a new office), and Phoenix (where we now have 130 people focused on customer service and verification). This year alone, we have doubled the size of our engineering team and we’re still hiring across all functions. If you are interested in what we are building, check out the jobs section of our website.

We are proud to have pioneered the online lending market and to operate one of the largest platforms in the world today, with much more growth in store. We continue to be inspired our customer stories, and believe in our mission to help people achieve financial well being. Thank you to the entire community, from all of us here.

Aaron Vermut
CEO, Prosper Marketplace


07/09/2015 by in Borrowers, Featured, Lenders, Prosper Spotlights


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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.