Prosper, a peer-to-peer lending platform, has secured $25 million in new funding led by Sequoia Capital, with participation from new investor BlackRock, as well as returning backers. The company has now raised about $120 million in funding to date, including a $20 million financing (also led by Sequoia) this past January that valued the company at $40 million.
Since bringing on a new management team in January, the Prosper platform has more than tripled its monthly loan originations, rising from $9 million in January to $32 million in August and bringing total loans to more than $600 million since inception. The new capital will help the company continue investing in infrastructure, products and customer acquisition in order to further fuel growth. Additional Prosper backers include Accel Partners, Draper Fisher Jurvetson and Benchmark Capital, among others.