Prosper, a San Francisco, CA-based marketplace lending platform for consumer loans, raised $50m in Series G funding.
A fund co-managed by FinEX Asia made the investment, which brings total equity raised to $410m to date.
The company intends to use the funds to make strategic investments in the platform and products.
Founded in 2005 by David Kimball, CEO, Prosper Marketplace provides an online lending platform that connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. Borrowers get access to affordable fixed-rate, fixed-term personal loans.
To date, over $10 billion in personal loans have been originated through the Prosper platform for debt consolidation and large purchases such as home improvement projects, medical expenses and special occasions.
The lending platform is owned by Prosper Funding LLC, a subsidiary of Prosper Marketplace, Inc. Loans originated through the Prosper marketplace are made by WebBank, member FDIC.