InvestmentsProsper Raises $75M in Growth Capital

Financing will accelerate growth initiatives for the peer-to-peer lending pioneer
BusinessWire BusinessWireNovember 18, 20223 min

Prosper Marketplace, the first peer-to-peer lending platform in the United States, announced the closing of a new $75 million financing from a fund managed by Neuberger Berman. This capital enables Prosper to meet strong consumer demand for its personal loan, credit card, home equity, and investment products, and accelerates growth opportunities for the company over the coming years.

The new financing comes at a time of strong year-over-year growth for Prosper. In the third quarter, Prosper facilitated over $1 billion of personal loan originations (over 2x year-over-year growth) through its platform. The company now has over 150,000 customers for its credit card product that launched last December and recently launched a new fixed-rate home equity loan product that complements its existing home equity line of credit product.

“This is one of the most exciting times in Prosper’s history,” said David Kimball, CEO of Prosper Marketplace. “This additional capital will enable us to accelerate investments across all our products and expand our reach as a financial technology platform that transforms the lives of people across the credit spectrum.”

“We have been thoroughly impressed by Prosper’s approach to managing its business and are thrilled to partner with the company in its mission to advance financial wellbeing,” said Zhengyuan Lu, Managing Director at Neuberger Berman.

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