The world’s second largest peer-to-peer lending platform has just logged its first profitable quarter since launching way back in February 2006.
LendAcademy’s Peter Renton – who has been keeping a watchful eye on Prosper’s financial statements for some time – first broke the news that Prosper had “turned the corner” yesterday. This kind of update is only possible because SEC regulation requires that the platform produces a Form 10-Q each and every quarter, despite the fact that it remains a private company.
As can be seen in the document below, Prosper has seen a spike in revenues during Q3 – from approximately $5m in 2013, to $26m in 2014. Net revenue over the first three quarters has also exploded year on year from nearly $11m to just shy of $55m. After factoring in expenses, Prosper is sitting on c. $2.7m profit in Q3 2014, and has now turned a very small profit on the year as a whole.
Prosper’s Ron Suber recently delivered the keynote speech at the AltFi Global Summit. The presentation entailed a list of 9 essential areas of focus for the marketplace lending industry as a whole – conceived to safeguard the evolution of the sector as it develops into an increasingly mainstream asset class. See the speech in full below.