A brief update on US consumer lender Prosper’s Q2 performance.
A strong 3 month stretch saw the platform originate just shy of a billion dollars worth of loans ($912.4m, to be exact). Prosper now boasts a cumulative lending volume of over $4bn. The platform has doubled its total lending since passing the $2bn mark in October 2014. And growth doesn’t appear to be tailing off.
The Q2 performance represents 54% growth on Q1 2015, in which $595m was lent, and 147% growth on the Q2 2014 numbers. Prosper retains its place as the world’s second largest marketplace lender, with SoFi making the podium in third place, and Lending Club taking gold.
Many of the platform’s recent moves have been geared towards driving up volumes. April was an especially busy month. $165m was raised in a Series D round led by Credit Suisse NEXT Investors, shortly after which the platform announced a referrals partnership with OnDeck.
Prosper has also been enlarging its workforce and geographical reach. The platform is now live in Indiana, bringing the number of states within which investors may participate in lending to 32. Prosper is home to 470 employees, spread across 3 different locations (an HQ in San Francisco, and offices in Salt Lake City and Phoenix). For context, the platform employed just 88 people at the close of 2013, and 230 a year later.
Where next for Prosper? President Ron Suber has indicated that sustained emphasis will be placed upon high quality customer service. The company currently holds a Net Promoter Score (NPS) in the mid-70s, which places Prosper in the top 3 amongst financial services companies. The NPS is a management tool that may be used to gauge the quality of a firm’s customer relationships.
We’ll continue to track Prosper’s progress.