• Subscribe
  • Contact Us
  • About LendIt Fintech News
  • Home
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item

Lend Academy

LendIt Fintech News: Daily Coverage of Fintech & Online Lending


  • Editorial
  • Daily News
  • Podcast
  • Investor Forum
  • Events

Prosper Crosses $1 Billion in Loans Issued

April 3, 2014 By Peter Renton 3 Comments

Views: 7

Prosper Crosses $1 Billion in Peer to Peer Loans

Today is a big day for Prosper. They have now issued more than $1 billion in total loans – crossing that milestone this morning. They have an official press release announcing the story and they also created this very cool infographic to celebrate. In addition they announced this giveaway on their blog last week that is ongoing.

When I was in San Francisco last month I sat down with Ron Suber, President of Prosper, for an interview for the Lend Academy podcast (to be published next week), but earlier this week I called him to get his thoughts on this milestone.

In our conversation, it was obvious he was very pleased about crossing $1 billion, but he was very much focused on the future. And in particular he talked about the new opportunities for borrower acquisition.

A Multi-Trillion Market

“Peer to peer lending is no longer just about debt consolidation,” said Suber. “Awareness among borrowers has dramatically increased with many now obtaining loans for home improvements, cars, motorcycles even medical procedures.” He went on to say that the total addressable market should no longer be talked about in the tens or even hundreds of billions but in the trillions. He said that is where this industry is headed.

When I asked him about what specific new avenues they are exploring he shared some very interesting tidbits I had not heard before. One area they are exploring is charities, that can be a major new source of borrowers for them. Prosper can also help with the mission of the charities by sharing revenue from the borrower back with the charity. Also, insurance companies could be another big source of borrowers. They have millions of customer who are used to paying a monthly fee but they are typically not in the business of lending money. By teaming up with a company like Prosper they can provide that service and then can join on the investor side and invest in these same clients.

These are interesting ideas. Prosper is looking to setup a kind of affinity program with these organizations. These programs are still in their early stages but it is clear there is potential here.

Congratulations to Prosper

This is a significant milestone and everyone at Prosper deserves credit. The new executive team of Stephan Vermut, Aaron Vermut and Ron Suber have executed extremely well and have been the driving force behind Prosper’s success this past year. One interesting little anecdote. Prosper launched in February 2006. Since the new team took over in January, 2013, Prosper has issued $559 million in new loans. So, over half their volume has come in the last 15 months.

Onwards to the next billion.

Filed Under: Peer to Peer Lending Tagged With: $1 Billion, Prosper

Views: 7

Comments

  1. Bill Marcus says

    April 3, 2014 at 9:43 pm

    WOW! Congratulations to Ron Suber and the Prosper Team, terrific achievement changing the lives of millions through more efficient capital markets

    Reply

Trackbacks

  1. Bonds Find Favour After Payrolls Report and Today’s Other Top Stories says:
    April 4, 2014 at 5:50 pm

    […] Academy: – Prosper crosses $1 billion in loans Issued. – Today is a big day for Prosper. They have now issued more than $1 billion in total loans – […]

    Reply
  2. LAP11: Interview with Ron Suber of Prosper says:
    April 10, 2014 at 2:45 pm

    […] One point to note when listening to this podcast is that it was recorded in late March before Prosper had crossed the $1 billion mark which it did last […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Investor Intelligence

Peter Renton's Returns

Investor Forum

Lending Club Review

Prosper Review

Investor Resources

Most Popular Editorials

The Pure Marketplace Lending Model is Dead, the Hybrid Takes its Place

The 2018 Lending Club and Prosper Tax Guide

My Returns at Lending Club and Prosper

Map of Available States for Lending Club and Prosper Investors

Banks and Marketplace Lending Platforms: Ideal Partners?

Subscribe to the Podcast

Subscribe to the Lend Academy Podcast on iTunes
Subscribe to the Lend Academy Podcast
List of Podcast Episodes

Archives

Follow @LendAcademy Follow @LendIt

ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

Recent Editorials

  • ODX and Fundation Join Forces to Form Linear Financial Technologies
  • LendIt Fintech’s Lending Innovation Summit Europe is Next Week
  • LendingClub Launches Founders Savings Accounts
  • Top 10 Fintech News Stories for the Week Ending February 20, 2021
  • Podcast 286: Billy Libby of Upper90

Copyright © 2021 · Metro Pro Theme on Genesis Framework · WordPress · Log in