Prosper Funding LLC

Prosper Funding LLC

Prosper Funding LLC emerged from Prosper Marketplace, a pioneering peer-to-peer lending platform founded in 2005 by Chris Larsen and John Witchel. The company shifted its model from retail peer-to-peer to institutional funding after 2013, now aggregating capital from hedge funds, banks, and family offices. Wealth origin ties back to the founding team's prior work at E-Loan and other fintech ventures. The firm specializes in unsecured consumer loans, typically $2,000 to $40,000, with terms of 3 or 5 years. Asset-class mix includes consumer credit, private credit, and structured finance. Investment posture centers on originating loans through Prosper's marketplace and selling them as whole loans or via securitizations to institutional buyers. Geographic footprint is US-focused, with originations across all states. Confirmed institutional partners include Jefferies and other banks involved in securitization deals (per SEC filings, 2020). Prosper Funding maintains offices in Atlanta, New York, San Francisco, and San Antonio. Total team size and AUM are not publicly disclosed. The firm is not separately a family office; its corporate structure places it within Prosper Marketplace's broader umbrella, which also includes Prosper Insurance (not launched) and other adjacent vehicles. Recent activity: In 2024, Prosper Marketplace issued a $390 million consumer loan-backed securitization (per SEC filing, January 2024). The firm's structural differentiator lies in its role as a pure origination and servicing platform for institutional capital — it does not hold significant risk on its balance sheet but earns fees from loan origination and servicing. This intermediary architecture gives it a distinct posture relative to direct lenders or banks.