Prosper Raised $20 Million for Person to Person Lending

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Prosper Raised $20 Million for Person to Person Lending
June 20, 2007

Prosper received $20 million for person to person lending from DAG Ventures and Meritech Capital Partners, as well as previous investors Accel Partners and Benchmark Capital.

What does Prosper do?

Prosper allows individuals to loan money to other individuals.

VCU says:

With prosper you may loan money to others. Take a look at their site and see who is asking for a loan, there is information about those seeking loans, what they want to use it for, how much, and more.

An individual may ask for a loan of $10,000 at 12% and you can offer a portion of their asking. For example you can offer $500 to this individual, $500 to another, and spread out your loans to multiple people to reduce risk through diversification. Those asking for loans can be members of groups with a group leader. The individual has a credit score and so does the group. The idea is that a group of related people will work together to assure a good rating. If someone defaults their group leader is contacted first to try and rectify the situation, a default effects the individuals rating as well as the group.

Prosper stated their membership has grown to more than 330,000 thousand with $70 million in loans since February 2006.

Take a look at Prosper.


Chris Larsen – NA


Read more about DAG Ventures here.

Read more about Meritech Capital Partners here.

Read more about Accel Partners here.

Read more about Benchmark Capital here.


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