Peer To Peer Lending Marketplace Prosper Raises $70M

I’ve heard of crowd-sourced funding like kickstarter, but this is way ahead in terms of new world economy, and the distribution of money. Bitcoin may boast anonymity of, but with some much wealth being thrown around, as seen on Instagram, facebook, and twitter, why not make some money lending it to others, and share the fun? Worth a look into, nevertheless.

TechCrunch, a peer-to-peer lending marketplace in the U.S., has raised $70 million led by Francisco Partners, a private equity firm with Institutional Venture Partners (IVP) and Phenomen Ventures participating. This brings the companies funding to $145 million. Previous backers include Sequoia Capital, Draper Fisher Jurvetson and Crosslink Capital, Accel Partners, CompuCredit, Omidyar Network, Eric Schmidt’s Tomorrow Ventures and Volition Capital.

Prosper has riden the roller coaster of the peer-to-peer lending, an area which is now leading the disruption in the financial services. Prosper pioneered the concept of people-to-people lending in the U.S with its launch in 2006. The startup hit a rough patch in 2008 when the SEC stopped all lending on the platform because the company didn’t register as a seller of securities.

Peer-to-peer lending was a newly launched model back then and with the then-new climate of heightened regulatory oversight in light of the financial meltdown, the SEC…

View original post 394 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s