Prosper Marketplace Originated $450M in Loans in Q2, Posted $5.8M Net Loss

Prosper Marketplace originated $450M worth of loans in Q2, according to the company’s latest financial disclosures. While the company is not publicly traded, it is required to file quarterly reports because of its note platform for retail investors. Only 13% of their loans were funded through that channel for the quarter, while the rest went through the Whole Loan Channel. Technically, the loans are funded through WebBank and Prosper earns a transaction fee from WebBank for facilitating them.

The company also generated a net loss of $5.8M on $34.7M of net revenue, an improvement over the $44M net loss last quarter. In fairness, Q1’s whopping loss was entirely attributed to a “Change in Fair Value of Convertible Preferred Stock Warrants” which generated a $44.4M expense.

Prosper’s surviving note platform is unique. Company rival LendingClub, for example, wound its note platform down when it acquired Radius Bank.

Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.