Welcome!

News Feed Item

Prosper Names Aaron Vermut CEO

Prosper (www.Prosper.com), a leading peer-to-peer financing platform, today announced that Aaron Vermut has been named Chief Executive Officer, effective immediately. Additionally, Ron Suber will step into the role of President, and former CEO Stephan Vermut will continue to take an active role in the company as Executive Chairman.

“This is a time of extraordinary growth for Prosper as well as the entire peer-to-peer finance industry. There are no better people to lead this company into the future than Aaron and Ron,” said Stephan Vermut. “I’m excited about what we have accomplished in a short time, as well as the enormous opportunity ahead of us. As Executive Chairman, I will continue to be closely involved in the company and its strategic direction.”

Aaron joined Prosper as President in March 2013, following the announcement of Stephan Vermut as CEO and a $20 million investment in Prosper Marketplace from Sequoia Capital. In a year since joining, Aaron has spearheaded major initiatives at the company that have helped fuel growth, including establishing protection for all the Prosper platform's lenders regardless of size; improving the platform's borrower experience and the technology infrastructure; hiring a new chief product officer in order to create a product-centric organization focused on innovation; and scaling Prosper's customer service operations to better meet the needs of the platform.

"Over the past year, we've made important changes to the business, including recapitalizing Prosper Marketplace, restructuring its board, and forming a strong management team with deep industry experience," said Aaron Vermut. “As a product-focused organization, we’ll focus on borrower service and experience moving forward. We are extremely optimistic about our growth and expect loan originations to continue to increase as the year goes on.”

In January 2014, Prosper reported its largest month ever in loan originations at $67 million. This was up from $9 million in loans a year ago when the new management team took over. Over $357 million in loans were originated through the Prosper platform in 2013, a 133% increase over 2012 and a 376% increase over 2011.

Much of this growth is attributed to an increase in the number of institutional lenders putting money on the platform. As Head of Global Institutional Sales, Ron Suber developed and executed a strategy that attracted a record number of investors to the Prosper platform over the past year. In his new role as President, Ron will expand his focus to educating consumers about the opportunity to refinance high credit-card debt or fund large purchases with a peer-to-peer loan, as well as continue to be a spokesperson for both Prosper and the industry.

"Peer-to-peer lending is the biggest disruption to the financial industry that we've seen in decades," said Ron Suber. "Millions of consumers are unaware that they can quickly get their finances in order or get the money they need to start a small business or fund a large purchase within a matter of days at a lower interest rate than they currently pay. This presents a huge opportunity for us."

About Prosper

Prosper Funding LLC ("Prosper") owns a leading peer-to-peer financing platform to invest and borrow money (the "Prosper platform"). The Prosper platform connects people who want to invest money with people who want to borrow money. On the Prosper platform, borrowers list loan requests between $2,000 and $35,000, and retail and institutional lenders invest as little as $25 in each loan listing they select. Institutional investors can also elect to participate in the Whole Loan Program. Over the past six years, more than $900 million in personal loans have originated through the Prosper platform. The unsecured personal loans are used by Prosper borrowers for a variety of purposes including paying down high interest rate debt and helping with small business funding. Learn more at www.prosper.com. Prosper Marketplace, Inc. is the parent company of Prosper Funding LLC.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...