US-based online lending platform Prosper has secured $50m in Series G funding from an investment fund co-managed by FinEX Asia.

Following the latest investment, the total equity raised by the online lender stands at $410m. The capital will be used to enhance the company’s lending platform and products.

Prosper Marketplace CEO David Kimball said: “Over the past year, we’ve 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.”

San Francisco-based Prosper Marketplace was established in 2005. The company has initiated $10bn in consumer loans through its platform till date. The company generated $8.6m of net cash through operating activities in the second quarter of 2017.

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