Prosper company overview
BAC Medical Financing's partner, Prosper, is America's first and largest peer-to-peer lending marketplace, with more than 1.9 million members and over $650,000,000 in funded loans.
Prosper allows people to invest in each other in a way that is financially and socially rewarding. On Prosper, borrowers list loan requests between $2,000 and $35,000 and individual lenders invest as little as $25 in each loan listing they select. In addition to credit scores, ratings, and histories, investors can consider borrowers’ personal loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.
Prosper Funding LLC is a wholly-owned subsidiary of Prosper Marketplace, Inc.
Prosper Marketplace, Inc. is run by CEO Stephan Vermut, President, Aaron Vermut, and Head of Global Institutional Sales, Ron Suber. Steve and Aaron Vermut are the founders and former managing partners of Merlin Securities, a prime brokerage service based on cutting-edge technology. Prosper Marketplace, Inc.’s investors include Sequoia Capital, and BlackRock.
Recent changes that have positively impacted the continued growth of Prosper:
Prosper allows people to invest in each other in a way that is financially and socially rewarding. On Prosper, borrowers list loan requests between $2,000 and $35,000 and individual lenders invest as little as $25 in each loan listing they select. In addition to credit scores, ratings, and histories, investors can consider borrowers’ personal loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.
Prosper Funding LLC is a wholly-owned subsidiary of Prosper Marketplace, Inc.
Prosper Marketplace, Inc. is run by CEO Stephan Vermut, President, Aaron Vermut, and Head of Global Institutional Sales, Ron Suber. Steve and Aaron Vermut are the founders and former managing partners of Merlin Securities, a prime brokerage service based on cutting-edge technology. Prosper Marketplace, Inc.’s investors include Sequoia Capital, and BlackRock.
Recent changes that have positively impacted the continued growth of Prosper:
- Improved Borrower Experience: Early on in September 2013, Prosper launched a new borrower onboarding experience that makes it easier for people to come to the Prosper website and quickly make their way through the borrower application process.
- FICO 08® Score Transition: Also early on in September 2013, Prosper transitioned over to the FICO 08® scoring model. This change, in conjunction with the Prosper Rating system, has strengthened their credit policy as anticipated. FICO 08® directly aligns Prosper with industry standards and enables them to get more competitive with their rates and offers.
- Prosper Raised $25M in New Round: At the end of September 2013, Prosper announced that they had raised $25 million in additional funding to accelerate the company’s growth at a time when peer-to-peer lending is attracting a record number of borrowers and lenders. The round, which was led by existing partner Sequoia Capital, also included a new investment by BlackRock, the world’s largest asset manager.
