Prosper Funding, a California-based peer-to-peer (P2P) financing platform, has reached a new milestone by offering personal loans worth more than $1bn.
Since offering its first loan in 2006, Prosper has reported continuous growth and currently provides borrowers everything needed from debt consolidation to financing large purchases and projects.
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In 2013 alone, Prosper provided $357m loans, up by 133% over 2012 and 376% over 2011.
Prosper has provided loans to over 93,000 people, whereas more than 75,000 individual investors have invested money through Prosper.
Prosper CEO, Aaron Vermut, said they have seen an incredible spike this year in P2P lending and interest in the space, but there are still millions of Americans who do not know how easy it is to get a loan through Prosper that can help them start a small business, refinance a high-interest credit card or fund a large purchase or project.
"This awareness presents a huge opportunity for us in 2014. We’re on track to see even more unprecedented growth – both at Prosper and across the entire industry," Vermut added.
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