Another Look At Prosper.com
Carolyn Said reports for the San Francisco Chronicle about hometown startup Prosper.com, the latest person to person lending enabler that is backed by $20 million raised from venture investors Accel Partners, Benchmark Capital, Fidelity Ventures and Omidyar Network.
Said says that many of the borrowers are seeking loans to pay off or consolidate credit card debts. CEO Chris Larsen says the market for his kind of consumer lending is about $1 trillion in size.
"The whole notion of community lending is very powerful," said Bob Kagle, a general partner at Benchmark Capital, which has invested about $5 million in Prosper. "The basic premise is that people are basically good and that people who are members of these communities and share values, experiences and identities are less likely to default."
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