US peer-to-peer lending platform Prosper has raised $75m (£62.9m) from a fund managed by Neuberger Berman.
The agency stated the brand new capital will allow it to fulfill robust shopper demand for its private mortgage, bank card, house fairness and funding merchandise, and speed up progress alternatives over the approaching years.
The brand new financing comes at a time of robust year-on-year progress for Prosper. Within the third quarter, Prosper facilitated greater than $1bn of private mortgage originations, equating to greater than double year-on-year progress.
Learn extra: Prosper sees common mortgage measurement fall by two per cent
The platform now has greater than 150,000 clients for its bank card product, which launched final December, and just lately launched a brand new fixed-rate house fairness mortgage product that enhances its current house fairness line of credit score product.
“This is among the most enjoyable instances in Prosper’s historical past”, stated Prosper Market chief government David Kimball. “This extra capital will allow us to speed up investments throughout all our merchandise and broaden our attain as a monetary expertise platform that transforms the lives of individuals throughout the credit score spectrum.”
“Now we have been totally impressed by Prosper’s method to managing its enterprise and are thrilled to accomplice with the corporate in its mission to advance monetary wellbeing”, added Neuberger Berman managing director Zhengyuan Lu.
Learn extra: Prosper commits to retail P2P amid LendingClub exit