Prosper Marketplace, Inc., a San Francisco, CA-based peer-to-peer lending company, raised $70m in funding.
The round was led by Francisco Partners with participation from Institutional Venture Partners (IVP) and Phenomen Ventures. In conjunction with the funding, David Golob from Francisco Partners will join Prosper’s Board of Directors.
The company intends to use the funds to expand the business, advance the technology, and hire new people.
Led by Aaron Vermut, CEO, Prosper Marketplace owns a peer-to-peer financing platform connecting people who want to invest money with people who want to borrow money. On the platform, borrowers list loan requests between $2k and $35k and individual and institutional lenders invest as little as $25 in each loan listing they select.
The loans are used by borrowers for a variety of purposes including paying down high interest rate debt and helping with small business funding.
Over the past six years, the Prosper platform has originated more than $1 billion in personal loans.
24/09/2013: Prosper Marketplace Raises $25M in Funding
23/01/2013: Prosper Raises $20M in Financing
07/06/2011: Prosper.com Raises over $17M
16/apr/2010: Prosper.com Raises $14.7M in Series D Financing
11/11/2009: Prosper Announces Financing from QED Investors