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.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.