Prosper.com Announces New CEO and Additional Cash Infusion
Prosper.com has attracted new talent at the top as well as $20M in additional financing from new partner Sequoia Capital.
FOR IMMEDIATE RELEASE
PRLog (Press Release) - Feb. 12, 2013 - Former Wells Fargo executive Stephan Vermut has undergone a transition period with his current employer to become the new president at Propser.com. With the huge increase in business the past few years, it has become easy to attract new and talented executives in this very lucrative, fast growth market. Additionally, Sequoia Capital is adding $20M in new financing to help revamp the entire infrastructure of Propser.com to allow the company to absorb the anticipated future growth effectively. This significant announcement will serve notice that Peer to Peer Lending is now a legitimate alternative to banks and credit cards in the finance world. The interim CEO Dawn Lepore has served since 2012.
Vermut states, “I’ve watched with great interest over the past few years as the peer-to-peer lending industry has grown substantially, and I believe Prosper is in a unique position to offer both borrowers and lenders unprecedented access to financial opportunity,” said Vermut. “Dawn and her team have attracted impressive talent and created the infrastructure needed to continue to build growth on both sides of the Prosper platform. I’m extremely optimistic about the potential for Prosper and the industry in general.”
Prosper is a leading peer-to-peer lending marketplace that connects people who want to invest money with people who want to borrow money. On Prosper.com, borrowers list loan requests between $2,000 and $25,000, and individual lenders invest as little as $25 in each loan listing they select. Over the past six years, more than $400,000,000 in personal loans have originated through the Prosper platform. The unsecured personal loans are used by Prosper borrowers for a variety of purposes including paying down high interest rate debt and helping with small business funding.