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Prosper

Welcome to the News View for "Prosper".

Here, on these archive pages, you'll find all of the articles on Payments News for Prosper listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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August 07, 2013

Headline News from PaymentsNews.com - August 7, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

October 04, 2010

Prosper Releases Person-to-Person Lending Metrics

prosper_logo_140px.pngProsper.com, a peer-to-peer lending marketplace with over $205 million in funded loans, has announced that it has surpassed the one million member milestone. “It’s pretty incredible that one million people – a population greater than our headquarter City of San Francisco – have engaged with Prosper,” said Chris Larsen, CEO and Co-founder of Prosper.

August 18, 2010

Prosper Releases 12-Month Peer-to-Peer Lending Stats

prosper_logo_140px.jpg Prosper.com today released 12-Month Performance Statistics and its monthly market survey data for July 2010.

“The focus at Prosper for the past twelve months – the period following Prosper’s SEC registration quiet period – can be summed up into two words: Risk Management,” said Chris Larsen, Chief Executive Officer and Co-founder of Prosper. “From building out our leadership team with world class risk management and analytics experts to the refinement of our risk and credit scoring models, success this past year has been defined by our disciplined approach to risk/return tradeoff and dramatically improved lender performance.”
The company claims to be the world’s largest peer-to-peer lending marketplace with over 34,000 loans totaling $202 million. The weighted average Prosper borrower credit score is 738.

April 16, 2010

Prosper Marketplace Raises $14.7 Million Series D Financing

Prosper.com has announced that it has raised $14.7 million in a Series D round from new investors TomorrowVentures, LLC and CompuCredit Holdings Corporation and all of Prosper’s existing investors: Accel Partners; Benchmark Capital; DAG Ventures; Meritech Capital Partners; Omidyar Network; QED Investors; and Volition Capital (formerly Fidelity Ventures). Including this latest round of financing, Prosper has raised a total of $57.7 million to date. READ MORE »

July 14, 2009

Prosper's SEC Registration Declared Effective

Prosper.pngYesterday, Prosper announced the successful completion of its registration process with the Securities & Exchange Commission (SEC). As a result, Prosper's peer-to-peer (P2P) loans marketplace "has resumed for borrowers nationwide and lenders in 14 states with others soon to follow. Prosper is the first Internet auction-based P2P loans platform to have its registration statement declared effective by the SEC — a move that marks a significant breakthrough for the P2P lending industry." READ MORE »

October 16, 2008

An Update on Person-to-Person Lending in the US

In an article titled "Lending Alternative Hits Hurdle", Brad Stone writes for the New York Times about some recent challenges being faced by the person-to-person lending companies in the US market. Last week, Zopa announced it was exiting the US market. Yesterday, Prosper.com announced it stopped accepting new lenders pending registration of its securities with regulatory authorities. Earlier this week, Lending Club announced it had completed its registration of $600 million in securities.

May 07, 2008

An Update on Prosper's New Slogan, Advertising

Jim Bruene's Netbanker reports on person-to-person lender Prosper.com's new marketing initiatives including its new slogan: "Let's bank on each other." More on the Prosper Blog.

May 06, 2008

A Lament about Disconnected Banking in a Connected World

On The FinanSer, Chris Skinner blogs about today's world of what he calls 'disconnected banking' - noting that bankers have 'managed to get customers out of branches and transform them into data entry clerks, who serve themselves through ATMs and the Internet.' Who's he watching instead? The social finance sites like Zopa, Prosper and more - typically dismissed by bankers as 'folly, unpractical, unregulated and untenable.'

March 12, 2008

A Look at Person-to-Person Lending

In an article titled 'Where Either a Borrower or a Lender Can Be', Jane J. Kim writes for the Wall St. Journal about person-to-person lending networks (like Prosper.com, Lending Club.com and Zopa.com) and how small business owners are increasingly turning to those networks as access to bank credit has become more difficult.

Update: Jim Bruene gets this one right over on his NetBanker blog - it's actually about person-to-business lending!

October 09, 2007

Prosper Updates People-to-People Lending Market Survey

Prosper.com has updated its People-to-People Lending Market Survey to reflect results through the end of September. In September, $5.4 million in loans were funded at an average loan size of $7,175. Over average over the month, 2,298 borrowers were looking for loans. A market commentary by CEO Chris Larson addressed the question of whether the Prosper lending marketplace anticipated the Fed's recent 50 basis point cut in interest rates.

September 12, 2007

Prosper’s People-to-People Lending Market Survey

Prosper has introduced its first monthly People-to-People Lending Market Survey that provides key statistics including: membership and loan volume statistics, marketplace returns; borrower rates; mix of prime, near prime and sub-prime loans, noteworthy marketplace statistics/trends and a market commentary by Chris Larsen, Chief Executive Officer of Prosper.

July 18, 2007

Lending Online to Strangers

In an article titled 'Options Grow For Investors To Lend Online", Jane Kim writes for the Wall St. Journal about new web-based services enabling investors to lend money to strangers online. She reports that Prosper.com has about $60 million in loans outstanding so far this year and cites the Online Banking Report's estimate that a total of about $100 million in loans will be originated by all providers this year.

April 01, 2007

Become Your Own Bank - Another Look at Prosper.com

Personal finance columnist Eileen Ambrose writes for the Baltimore Sun about Prosper.com - saying that "with people becoming their own publisher by blogging, or creating their own videos and political commercials on YouTube, it was just a matter of time before they became their own banks."

March 19, 2007

Borrowing Money via Prosper.com

The Get Rich Slowly blog has an interesting post titled "What’s It Like to BORROW Money with Prosper?" written by Tricia (who also writes her own blog titled Blogging Away Debt) describing her experiences as a borrower using Prosper.com to find other folks willing to lend her money. She describes her experience seeking to borrow $3,500. She posted a starting interest rate she was willing to pay of 12%. As it turns out, lenders competed for her business and she ended up getting an interest rate of 9.9% from a group of 13 Prosper lenders.

March 07, 2007

New Insights About Prosper.com

The Innovate blog written by two students at Stanford's business and design schools has posted a podcast interview of Chris Larsen, CEO of person-to-person lending company Prosper.com. "In this podcast, Chris chats with Julio and Min Li about Prosper's innovative vision, its unique challenges as an eBay platform for money (check out Prosper's cool tools for academics and researchers for performing case studies on its model), and the fine balance between the countervailing forces of transparency and privacy in the world of Web 2.0."

February 27, 2007

Be Your Own Bank

Jessica Anderson writes for Kiplinger.com about being a person-to-person lender on Prosper.com - saying it "offers financial rewards with a dose of good karma."

February 12, 2007

Prosper.com Announces New Enhancements

Celebrating its one year anniversary, Prosper.com this morning announced a series of enhancements to its service including bringing customer service in-house in San Francisco (from offshore), enabling borrowers to gain credibility from personal endorsements by friends and family, and providing lends with six additional credit data fields from Experian to help evaluate a borrower's loan request.

February 07, 2007

Prospering Without A Bank Loan

Yesterday, Marketplace, a business news radio program from American Public Media, had a segment all about peer-to-peer lending - in particular about Prosper.com. A transcript of the segment is available online along with the audio that you can listen to online. The segment is introduced with the comment: "banks, credit card companies and those payday loan centers make billions of dollars every year lending us money. But why should they get all the profit?"

January 27, 2007

Want to Loan Me Money?

Annys Shin writes for the Washington Post about person-to-person lending at Prosper.com. "Instead of selling your money to a bank to see the bank sell that money to someone else at 19 percent, why can't I have some of that money?" chief executive Chris Larsen said.

January 20, 2007

Make the Most of Your Credit Card

ABC News has a feature story this morning for consumer's about how to make the most of credit cards based upon an interview on Good Morning America with Ron Lieber, staff reporter for The Wall Street Journal. Lieber recommends borrowing first from family members and never, if you can avoid it, from credit card companies. In between he suggests considering Propser.com, the person-to-person lending company.

January 02, 2007

An Update And Comment On Prosper's 2006 Results

Jim Bruene writes on the Financial Marketing Weekly blog about the 2006 results for Prosper.com - suggesting that Prosper.com's revenues for 2006 were in the range of $300,000 - based upon a 1 per cent origination fee charged on almost $30 million of loans originated. Obviously, they'll need to grow that revenue number by a couple of orders of magnitude for this person-to-person lending business to be considered economically viable.

July 29, 2006

A Look At Personal Lending On Prosper.com

Kara McGuire writes for the Minneapolis-St. Paul Star Tribune about personal lending on Prosper.com. "In a recent report, Online Banking Report founder Jim Bruene predicted that, within five years, there could be as many as 100,000 person-to-person loans in the United States per year, worth more than $1 billion."

May 23, 2006

The Virtual Moneylender

In an article titled 'The Virtual Moneylender", Farhad Manjoo writes for Salon.com about Prosper.com, "a new Web site allows you to borrow money from strangers in cyberspace. It may even free you from credit card debt and the usurers at the local payday loan center."

May 21, 2006

Lenders, Borrowers Hook Up Over the Web

Jane Boon Pearlstine writes for the Wall St. Journal about some of her first hand experiences lending online on Prosper.com where she's made "more than 300 small loans at an average rate of about 21%."

READ MORE »

March 28, 2006

Online Banking Report Studies Prosper.com Person-to-Person Lending

In a comprehensive report that, in our opinion, is a "must read" for senior bankers interested in important emerging competitive trends, the latest issue of the Online Banking Report examines in detail the person-to-person lending business being pursued by Prosper.com and Zopa.

READ MORE »

March 06, 2006

Another Look At Prosper.com

Prosper.comCarolyn 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.

READ MORE »

March 04, 2006

March 02, 2006

Prosper.Com Re-launches Chris Larsen

Andrew Reinbach, editor of Electronic Payments Week, has recently written about Prosper.com and Prosper's CEO Chris Larsen. Here's Andy's analysis - posted with permission.

READ MORE »

February 21, 2006

America's First People-to-People Lending Marketplace: Prosper

Person to Person L:endingProsper, highlighted earlier here on Payments News when they "soft launched" their web site, officially launched today calling themselves America's first people-to-people lending marketplace and comparing Prosper's approach to lending to that of eBay - a marketplace.

"Until now, financial institutions have controlled who is able to obtain credit and the rates people pay," said Chris Larsen, Chief Executive Officer and co-founder of Prosper. "Over time, this one-sided control has bred inefficiencies and excessive margins -- leading to higher rates for borrowers, and restricting people who have money to lend from entering and generating income from this vital and lucrative market."

READ MORE »

February 13, 2006

Prosper: The eBay of Loans?

Robert Hof of Business Week does an in-depth story on the Prosper.com Marketplace and compares its approach to that of eBay by matching small borrowers with lenders. Also, see our earlier post about Prosper.com.

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