Welcome!

News Feed Item

Prosper Marketplace Announces $70 Million Investment Round Led by Francisco Partners

Prosper Marketplace, Inc., the fastest growing peer-to-peer lending company in the U.S., today announced it has raised $70 million in additional funding to fuel the company's growth and expansion. The round was led by Francisco Partners, a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. David Golob from Francisco Partners will join the Prosper Marketplace Board of Directors. The funding round also includes investments from Institutional Venture Partners (IVP), one of the premier later-stage venture capital and growth equity firms, as well as Phenomen Ventures.

“We are thrilled to welcome Francisco Partners, IVP, and Phenomen Ventures as equity investors in Prosper Marketplace,” said Aaron Vermut, CEO, Prosper Marketplace. “We have had an incredible year so far, and have grown monthly platform originations from $9 million in January 2013 to over $100 million in April. Last month Prosper crossed $1 billion in total loans originated on the platform, and Prosper plans to hit $2 billion in cumulative loans this year. Financially, Prosper Marketplace is in a very solid place and this capital will be used to expand the business, advance our technology, and hire the very best talent.”

Over the past 15 months, Prosper has focused on improving its efficiencies and products through the use of cutting-edge technologies. This has helped to attract new borrowers and lenders at a rapid pace, with loan originations growing over 400% since last year and up 30% from last month. At the end of April, Prosper had 35% share of the online consumer peer-to-peer lending market place.

“In a short period of time, Prosper Marketplace has become a leading player in the massive consumer lending market, which is ripe for disruption,” said David Golob, a partner for Francisco Partners. “We’ve been tremendously impressed with the team and what they have been able to accomplish in the last 15 months, and we are excited to work with them as they take the company forward.”

“We’re very pleased to be partnering with Prosper Marketplace, which has firmly established itself as a leader in the rapidly growing peer-to-peer lending industry,” said Sandy Miller, General Partner at IVP. “IVP prides itself on working with a select group of rapidly growing later-stage technology companies and we are looking forward to working closely with the Prosper Marketplace management team on their next phase of growth.”

“Prosper Marketplace has an incredibly talented team, headed by Aaron Vermut, and has flawlessly executed its business objectives,” said Igal Weinstein of Phenomen Ventures. “We believe the company has a clear future of substantial growth in the addressable market and we are very happy to be partnering with the other investors in Prosper Marketplace.”

About Prosper

Prosper Funding LLC (“Prosper”) owns a leading peer-to-peer financing platform to invest and borrow money (the " 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 individual 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 $1 billion 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.

About Francisco Partners

Francisco Partners is a global private equity firm which focuses on information technology. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sub-sector knowledge and operational expertise can help a company realize its full potential. In particular, this transaction highlights the strength of FP’s growing financial technology franchise, which has included investments in companies such as Paymetric, Avangate, Hypercom, eFront, Allston Trading, City Index and GXS. For further information, please visit: www.franciscopartners.com.

About Institutional Venture Partners (IVP)

With $4 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 98 of which have gone public. IVP is one of the top-performing firms in the industry and has a 33-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as AppDynamics, ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Concur Technologies (CNQR), Dropbox, Fleetmatics (FLTX), HomeAway (AWAY), Juniper Networks (JNPR), Kayak (PCLN), LegalZoom, LifeLock (LOCK), Marketo (MKTO), MySQL (ORCL), Netflix (NFLX), ngmoco (DeNA), Polycom (PLCM), Pure Storage, RetailMeNot (SALE), Seagate (STX), Shazam, Snapchat, Supercell, Synchronoss (SNCR), Tivo (TIVO), Twitter (TWTR), and Zynga (ZNGA). For more information, visit http://ivp.com or follow IVP on Twitter: @ivp.

About Phenomen Ventures (PV)

Phenomen Ventures is a young (founded in 2012) but one of the fastest growing venture and growth equity firms having its presence in U.S., Europe and Israel. Since inception PV raised $300M of capital and its portfolio companies have been reaching 35 countries worldwide, while many of them act as market leaders of their industries in geographies of operation - such as DeliveryHero, Dafiti, Onetwotrip, Hailo, Hellofresh, Weebly and others.

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
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"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.