A peer-to-peer lending platform that recently launched a new home-equity product has closed on $75 million in financing.
The transaction was announced late Thursday by Prosper Marketplace. Behind the new capital was a fund managed by Neuberger Berman.
“We have been thoroughly impressed by Prosper’s approach to managing its business and are thrilled to partner with the company in its mission to advance financial well-being,” Neuberger Berman Managing Director Zhengyuan Lu said in the news release.
San Francisco-based Prosper says it has facilitated more than $1 billion in personal loan originations, has over 150,000 credit card customers, and “has helped 1.5 million people, and counting, achieve financial well-being.”
It launched a new fixed-rate home-equity loan product in December 2021 to compliment its existing home-equity line of credit product, according to the press release.
“This additional capital will enable us to accelerate investments across all our products and expand our reach as a financial technology platform that transforms the lives of people across the credit spectrum,” Prosper Marketplace CEO David Kimball stated in the announcement.