Prosper may see big valuation cut with latest round
August 04, 2017
Financial Software | San Francisco, CA | Late Stage
Online lending startup Prosper is raising roughly $50 million at a valuation of $550 million, according to The Information, a 70% decrease from a 2015 valuation of nearly $1.9 billion. Founded in 2005, the company has recently experienced struggles that reportedly led to cuts of nearly 30% of its staff in 2016. Earlier this year, Prosper agreed to sell up to $5 billion in consumer loans to a group of investors, per The Wall Street Journal. The fintech company is backed by firms including Accel, Sequoia and DFJ.