The peer-to-peer lending marketplace has surpassed the $5 billion mark, which refers to the amount of loans that have originated through Prosper since its founding. This announcement from the company comes after the lending marketplace’s record quarter that processed $1.070 billion in loans through the platform.
Just a year ago, Prosper had crossed the $2 billion mark, which the company noted was a major accomplishment in itself.
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“Hundreds of thousands of people have turned to Prosper for access to a loan. Debt consolidation continues to be the most frequent use case, with approximately 288,000 loans taken for this purpose,” reads a blog post from Prosper. “While it represents a small percent of our overall community, we’re proud to say that we’ve seen loans through our platform for babies and adoption — helping people realize their dreams of starting a family.
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In recent news, Prosper announced it was acquiring BillGuard, which marked the first time “marketplace lending and personal finance management have come together to create a full suite of tools to help people make smarter financial decisions,” according to Prosper.
BillGuard, which had traditionally been free, said in June that it was introducing paid features that would be able to conduct email surveillance, offer text alerts and even help automatically cancel sensitive financial items and data in the event that cards or wallets were lost or stolen. Prosper, for its part, has been expanding its access and offerings with a push into small banking, striking deals with 160 community banks nationwide.
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Prosper helped originate more than $1.6 billion in loans through its platform in 2014, up 350 percent from the previous year, and expects a doubling of that tally this year. The total amount of loans, cumulatively, has been more than $5 billion. Key features include credit card debt consolidation and even academic loans.
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