Prosper has recently made the following updates to its API and data files:
1. As of January 25th, historical data for each calendar quarter will now be made available 45 days after the close of the quarter.
2. Investors on the Prosper platform will still have access to the same data for new listings as they are deciding whether or not to bid on loans.
3. Additionally, investors will still have access to the same performance data for the notes and loans they own.
We are making these changes in order to protect our intellectual property and proprietary data, not to inhibit our clients who are using the data for their credit models and to make investment decisions. We understand that our investors need our data to analyze investment performance, but we also need to ensure that people can’t reverse engineer our underwriting model. One of Prosper’s main competitive advantages is our data asset, and we have spent a considerable amount of time and effort building it. These changes strike a balance between maintaining appropriate levels of transparency and protecting our intellectual property.
We remain committed to providing a true marketplace connecting borrowers and investors. We will continue to be a collaborative player and support our clients, partners, and the industry ecosystem, and we have plans this year to invest in building the retail channel. We look forward to working with all our investors and are committed to answering any additional questions about these changes.
Investors can contact us at firstname.lastname@example.org or by phone at 877-611-8797.
This last month, you all have been voting on your favorite photos and videos that Prosper borrowers have submitted to the $2 Billion Strong Photo & Video Contests. We wanted to find the best Prosper stories out there, and the people have spoken!
We present to you the winning photos and videos:
Video Contest Winners
Susie from Eastman, GA
“When an unexpected setback threatened my finances, I needed help, and fast. I did some research online and discovered Propser’s community-funded loan system. I was impressed by the rates, the convenience, and the reviews and decided to give it a shot. With the help of Prosper’s investors I was able to quickly turn a near-disaster into a new opportunity.”
Kelli from Maryville, TN
“We learned about Prosper.com from an advertisement on CreditKarma.com. After a devastating diagnosis of early onset Alzheimer’s disease, we had to come up with a plan to care for my mother. She has been capable of living on her own for a few years now, but has progressed as to need full-time care. We could not accept the idea of placing her in a nursing home, but did not have the space for her in our home. We decided our best option was to convert our garage into a living space for her. We did not have enough in savings for this project so sought out funding through our bank. We were approved, then denied because the reason for the loan was not, in their opinion, a good investment. We came to Prosper.com and were quickly approved and received our funds! Our construction is underway!”
Scott from St. Louis, MO
“I have nothing but positive things to say about Prosper, they helped me when I needed it the most – when my life depended on it.”
Photo Contest Winners
Clayton from Buffalo, NY
“By getting my loan I was able to go to Fort Stewart in GA to pin my son’s sergeant stripes on him as he has reached the same rank as I did in the army. My son is now in Korea and is gone for a year and because of prosper I got to have the time with him before he was sent to Korea.”
Cheri from Grand Rapids, MI
“I am a single mom who adopted 2 amazing children from Haiti. My daughter is profoundly deaf with other special needs. After wading through an extremely difficult and expensive adoption process that took over 4 years (3 of which I lived in Haiti) I struggled financially. The prosper loan has helped me consolidate my debt and hopefully will move us into debt free living to open up our options. Hoping to gain the financial ability to get some services that my daughter needs as well as work towards adopting again!”
Jennie from Chippewa Falls, WI
“Helped me pay off the credit cards used to pay off my medical bills.”
That’s it! We hope you had a great time learning more about our other community members, and creating all of the awesome photo and video entries we received! Getting to know some of our borrowers personally, and learning about all the ways that Prosper has positively impacted people’s lives has been an incredible experience, and one that reaffirms to us everything we’ve done to get to this point.
We hope you’ll stay in touch with us on Facebook and Twitter, and keep us posted on exciting things happening in your life with Prosper! As always, stay tuned to our social sites for great articles regarding Online Marketplace Lending, personal finance, and beyond!
A couple weeks ago we launched the $2 billion photo and video contest to celebrate our $2 billionth dollar loaned, and the response has been incredible! The Prosper family has had a blast looking at all of your submissions, and cutting them down to just 5 photos and 5 videos was nearly impossible.
After much deliberation, we’ve chosen our favorite entries, and we’re letting you, the community, vote for who will win the contest.
In April of this year, we announced that we crossed over $1 billion in loans issued through our online marketplace lending platform.
This October, we shattered all expectations and reached our second billion dollars in loans in just 6 months.
Wow, that was fast. And it was all thanks to you, The Prosper Community!
Even though it’s only been half a year since our last big announcement, Prosper has been rapidly growing and expanding – from new team members, to new eligible states, to better terms and new features on the website. This year more than ever, we’ve put our ears to the ground and really listened to what the community was saying in customer service calls, Twitter posts, and Facebook comments, and made what was most important to them, most important to us.
There’s been more going on in the Prosper world than we could ever fit in one blog post, so we created an interactive infographic so you can learn more about our road to $2 billion.
In celebration of our first $2 billion dollars, and to show our appreciation for our thriving lending community, we are launching a photo and video contest for our community of borrowers! We want to learn about your Prosper experience and how it made your life easier, made your family happier, or got your finances under control. You can either submit a video or a photo through the links below to tell your story – they can be serious, funny, reflective, creative, or all of the above – and no prior filmmaking/photography experience required! We just want your submission to be honest and unique. We’ll be taking entries until November 13th.
After we’ve reviewed all of the entries, we’ll choose our favorite 5 photos and favorite 5 videos and let YOU, the community, vote for your favorites. We’ll have prizes for 1st-3rd place in both the photo and video categories, with the grand prize for the video contest being a full loan payoff! The prizes are as follows:
1st Place- $5,000
2nd Place – $2,500
3rd Place – $1,000
1st Place – Full Loan Payoff (up to $35,000)
2nd Place – $5,000
3rd Place – $2,500
All prize amounts will be credited towards your Prosper account. We can’t wait to see what you come up with!
Over the past few months, I’ve spent a lot of time speaking with our partners, reporters and investors about the potential of Prosper to transform the world of finance and banking. Online marketplaces have transformed the way we take taxis, rent hotel rooms, buy books and sell goods. Now, online marketplaces like Prosper are transforming the way people borrow and invest money.
There’s no greater proof of this transformation than the growth we’ve seen at Prosper over the past year and a half. We finished June with over $145M in loans issued through the Prosper platform. This is up from $124M in May and up 400% from a year ago. In fact, more loans were originated through the Prosper platform in Q2 of 2014 than in all of 2013 combined. We’re also extremely proud of the fact that Prosper now has about 35% market share in our industry.
Since our last update on this blog, Prosper Marketplace secured another $70M in funding from investors including Francisco Partners and Institutional Venture Partners. This will be used to accelerate our growth and expansion. Prosper Marketplace recently added a number of key positions, including Itzik Cohen as VP of Business Development, Dawn Piper as VP of Human Resources, as well as new product managers and engineers, with more to come.
One of our biggest initiatives moving forward is something we call “Education, Awareness and Understanding.” As more people learn about borrowing and investing through online marketplaces, they are increasingly understanding that it is an innovative, easy, and fast financing option beyond the traditional avenues.
Nigel W. Morris – Nigel is the Co-Founder of Capital One Financial Services and is the newest member of the Prosper Marketplace board. Nigel helped build Capital One Financial Services in 1994, and during his decade-long tenure as President and Chief Operating Officer, Nigel was integral in developing the information-based strategy that revolutionized the consumer lending industry. Nigel is a maven in trends and technologies that affect the world of credit, and his experience in building a household name in financial services makes him a crucial asset on our team.
Itzik Cohen - Itzik also joined Prosper Marketplace in June as VP of Business Development and is tasked with overseeing all aspects of partnerships, strategic business, and corporate development, including Channel management, customer acquisition and growth. Prior to Prosper Marketplace, Itzik was founder of ClipSync, a leading interactive video platform, and served as its Chief Executive Officer. Before ClipSync, Itzik was a part of the early team at WebEx Communications where he focused on strategic business and corporate development. Prior to his business life, Itzik was a professional basketball player in the Euroleague playing for Maccabi Tel-Aviv, a 5 time EuroLeague champion and served in the Israeli Air Force.
Dawn Piper – We are also thrilled to welcome Dawn as Prosper Marketplace’s VP of Human Resources. Dawn will oversee all aspects of HR for Prosper Marketplace, including payroll/benefits, training of talent, and development and cultivation of the company’s culture. Dawn comes to us from Yahoo, where she was VP of Business Planning and Operations for Talent Acquisition. At Yahoo, she was responsible for recruiting top, transformative talent to the company. Prior to Yahoo she held various HR leadership roles at RPX Corporation and Linden Labs, the online virtual world known as Second Life.
Focus on Service
This past year, we’ve been working on streamlining the customer service process to support our awesome growth, and to better understand how we are doing, we’ve implemented tools that will allow us to benchmark and compare our service to other industries and other companies providing world-class customer service.
To help us better serve both our borrowers and our investors, we’ve opened a new Service Center in Phoenix, AZ. The expanded verification team will vastly improve processing time of new loans and allow us to service more borrowers as our growth continues to accelerate.
We have several exciting initiatives in the pipeline for the second half of 2014; one major focus is the mobile experience, which we are updating on both the borrower and investor sides. We are also developing tools for both borrowers and investors that will allow them to better track their money in the system. Lastly, in line with our focus on Education, Awareness, and Understanding, we will be redesigning our blog to make it easier for us to deliver helpful content to our community.
To stay updated on the progress of all these great initiatives, please stay tuned to our blog, or follow us on Twitter (@ProsperLoans) and Facebook. Thanks as always for your comments and feedback.
Prosper Funding LLC (“Prosper”), headquartered in San Francisco, is a leading online marketplace for consumer credit. Prosper Marketplace, Inc. (“Prosper Marketplace”), founded in 2006, is the parent company of Prosper Funding LLC.
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.