Prosper Marketplace, a US-based online lending marketplace backed by several financial services firms, has received $50m in series G funding from an investment fund co-managed by investment platform FinEx Asia.
Founded in 2005, Prosper has created an online platform that allows individuals to lend to, or borrow money from each other through loans with fixed rates and terms. It has been responsible for $10bn in consumer loans, $775m of which came in the second quarter of this year.
The investment will support the further development of Prosper’s products and its core platform. It has now raised $410m in funding altogether.
Prosper has not disclosed a valuation for the deal, but the Wall Street Journal reported last month that it was in talks with China-based conglomerate Linca Industrial to raise $50m at a $550m valuation, far less than the $1.9bn valuation at which it raised $165m in early 2015.
The 2015 round featured BBVA Ventures, Credit Suisse Next Investors and SunTrust Banks, respective subsidiaries of financial services firms BBVA, Credit Suisse and USAA, as well as JP Morgan Asset Management, Neuberger Berman Private Equity Funds, Passport Capital and Breyer Capital.
CompuCredit, the financial services investor now known as Atlanticus Holdings Corporation, is among Prosper’s earlier investors, as are Sequoia Capital, Accel, DFJ, Crosslink Capital, Volition Capital, Omidyar Network and TomorrowVentures.
David Kimball, chief executive of Prosper, said: “This investment is a strong signal of confidence in our business fundamentals and the momentum we are seeing right now.
“Over the past year, we have shown that we can build a sustainable business that continues to redefine the online lending experience for our borrowers and investors. We believe this partnership will open up additional opportunities for our business as we continue to grow.”