We are pleased to initiate our coverage of Prosper Marketplace, the 2nd largest marketplace lender in the U.S. Following the rule ‘a picture is better than 1,000 words’ our coverage begins with the inaugural ‘Prosper Marketplace Infographic’ highlighting the key trends in Prosper online consumer marketplace.
We’ve undertaken a number of due diligence visits to Prosper’s HQ in San Francisco over the past 2 years. Their capital markets team continues to grow and they have some of the most knowledgeable people in the market, led by Brad Pennington their Chief Risk Officer. Prosper’s credit model is well seasoned, with a good track record & version 8 of the model currently in use. Prosper recently migrated their credit bureau to Transunion in April 2017 and upgraded their API endpoint for investor access. Upgrades are ongoing on forward flow agreements also to attract a broader range of investor preferences.