Prosper has had yet another big quarter. In Q2 they issued $912.4 million in new loans and today they announced that they have crossed $4 billion in total loans issued. I caught up with Aaron Vermut, the CEO of Prosper, earlier this week to get an update on what has been happening there.
The first thing he said was that the second quarter numbers were significantly ahead of their plan. The growth was driven by better execution and more productive partnerships. He also said they have improved their loan verification procedures significantly and their listing to loan ratio is now over 70% – meaning borrower listings that turn into funded loans. Their goal is to do more automated verification so they can scale loan volume without having to add new employees at the same pace.
Prosper Now Employs 456 People
Speaking of employees Prosper now employs 456 people in three locations: San Francisco, Phoenix and Salt Lake City. This is up from 230 people at the end of December. They have doubled the engineering team and have also brought their customer experience group in-house and have built that team to 68 people in short order.