Home Equity Lending News

Former Chase Exec Joins P2P Home Equity Lender’s C-Suite

A former chief marketing officer at JPMorgan Chase & Co. has been added to the C-suite at peer-to-peer home-equity lender Prosper Marketplace Inc.

San Francisco-based Prosper provides closed-end fixed-rate home-equity loans up to $249,000 and open-end adjustable-rate home-equity lines of credit (HARMs?) up to $500,000 that are funded through private investors utilizing its P2P platform.

Prosper says its products utilize 256-bit encryption and are built on “bedrock technology” that analyze more than 300 data points to identify fraud.

Melinda Marchesi, CMO, Prosper

On Thursday, Prosper issued a news release indicating that Melinda Marchesi has been hired as CMO.

Marchesi has a quarter century in marketing, most recently as chief operating officer and chief commercial officer at Momentum Financial Services Group.  She spent a decade at Chase, where her roles included CMO of the home-lending business.

“With her proven track record of leading transformation and innovation, and her deep experience driving growth in lending and credit card categories, Melinda is extremely well positioned to provide Prosper the marketing leadership needed to achieve the lofty goals we’ve set for ourselves,” Prosper CEO David Kimball stated in the news release.

Prosper, which was founded in 2005 and entered the home-equity market in 2019, says it is in a period of expansion for its product portfolio.

“Melinda’s modern marketing mindset, her proven ability to build brands, and her experience developing winning omni-channel marketing strategies will be invaluable benefits as Prosper continues to scale existing offerings and looks for new opportunities to support investors and borrowers on their financial journey,” Kimball added.

In November, Prosper announced that it raised $75 million in growth capital.

Marchesi noted in the statement, “The company’s mission to advance financial wellbeing and provide alternative financial products using new technology is a passion of mine, and I am looking forward to helping accelerate the progress Prosper has shown in recent years.”

Prosper news