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Prosper Announces Support of UK Peer-to-Peer Finance AssociationAs P2P Lending Realizes Rapid Growth, Prosper and UK-Based Groups Call for Industry Performance Standards (December 01, 2011)
SAN FRANCISCO, CA -- (Marketwire) -- 12/01/11 -- Prosper.com, a peer-to-peer lending marketplace for personal loans, announced today its support for the United Kingdom-based Peer-to-Peer Finance Association, the trade group created to guide the industry to provide high minimum standards of protection for consumers and small business customers as the sector continues to experience rapid growth. The association was founded by leading UK-based P2P finance organizations Zopa, Funding Circle and RateSetter.
"We applaud the initiative of the P2P Finance Association and fully support their efforts in the UK," said Chris Larsen, chief executive officer and co-founder of Prosper. "Prosper recognizes that high standards, full transparency, and rigorous self-regulation with the customer's best interest in mind will preserve the long-term viability of the industry, and we are committed to continuing to promote the creation of these standards in the United States."
On November 4, 2011, Prosper held the industry's first P2P Lending Performance Measurement Summit to discuss the need for industry performance measurement standards in the U.S. Prosper chief executives discussed the need for rigorous analytics, full transparency of metrics and a call for seasoned returns in P2P lending.
"I am delighted that Prosper has recognized the need for accountability and transparent objective measurement in P2P lending, which will boost consumer trust in this important and valuable new asset class," said Giles Andrews, CEO of Zopa and Chairman of the UK-based Peer-to-Peer Finance Association. "The willingness of leaders in the American P2P finance industry to set and meet high standards will foster ongoing growth of the U.S. industry."
Prosper Marketplace Inc., a peer-to-peer lending marketplace that brings together creditworthy borrowers with individual and institutional investors, allows people to invest in each other in a way that is financially and socially rewarding. Individual and institutional investors invest in minimum increments of $25 on loan listings they select. In addition to credit scores, ratings and histories, investors can consider borrowers' personal loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.
Prosper was co-founded by Chris Larsen, co-founder of E-LOAN. Prosper has raised $83.85 million in venture capital and is backed by financial and technology luminaries including, Jim Breyer of Accel Partners; Tim Draper of Draper Fisher Jurvetson; Jerome Contro of Crosslink Capital, CompuCredit; Omidyar Network; Capital One Co-founder Nigel Morris of QED Investors; Court Coursey of TomorrowVentures; Larry Cheng of Volition Capital.
Notes offered by Prospectus.
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