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Prosper Marketplace is America's first peer-to-peer lending marketplace, with over $23 billion in funded loans. [1] Borrowers request personal loans on Prosper and investors (individual or institutional) can fund anywhere from $2,000 to $50,000 per loan request.
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Witchel co-founded Prosper Marketplace in 2004 with Chris Larsen.He was the Chief Technology Officer and lead architect of the system. Prosper was the first peer-to-peer lending marketplace which allowed individuals to lend and borrow money directly from each other using a Dutch auction-like system.
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In 2005, Larsen and John Witchel co-founded Prosper Marketplace Larsen served as CEO. [7] From 2006 to 2009, Prosper operated a variable rate model, acting as an eBay -style online auction marketplace with lenders and borrowers ultimately determining loan rates using a Dutch auction -like system. [ 22 ]
Suber served as the president of Prosper Marketplace, until taking the position of president emeritus. [6] He first joined the company in 2013 as an investor. [7] At Prosper, he provided an online lending platform for company founders looking for investment. [8] [9] In this role he has been referred to as a "fintech pioneer". [10]
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The actual default rates for the loans originated by Prosper in 2007 were in fact higher than projected. Prosper's aggregate return (across all credit grades and as measured by LendStats.com, based upon actual Prosper marketplace data) for the 2007 vintage was (6.44)%, for the 2008 vintage (2.44)%, and for the 2009 vintage 8.10%.