SAN FRANCISCO – Prosper Marketplace, Inc. today announced that Raj Date, former Deputy Director of the United States Consumer Financial Protection Bureau, has joined its board. Date is currently Managing Partner at Fenway Summer, a consumer finance advisory and investment firm based in Washington D.C. Date’s appointment comes at a time of significant growth for the Prosper platform, which recently posted its largest month ever in loan originations.
“At Fenway Summer, we’re working to help rebuild American finance on a foundation of consumer trust,” Date said. “Prosper is among the most innovative and promising companies in this field and I’m thrilled to be working with their team,” he added. “I look forward to being part of Prosper’s next phase of growth.”
The Prosper platform recently announced its fourth consecutive record-setting month with over $27 million in loans originations in June, bringing the total to more than $560 million to cross the platform since inception. In January, Prosper Marketplace brought on a new management team backed by Sequoia Capital, and since then the Prosper platform has posted steady growth in loan originations, up 103% over June of 2012.
“Raj’s addition to the board is a significant milestone for us,” said Steve Vermut, CEO, Prosper Marketplace. “As more consumers turn to the platform for personal loans and lenders look to P2P finance as a new investment opportunity, Raj’s experience and insight will be a huge asset as we continue to grow.”
Prior to founding Fenway Summer, Date guided the CFPB’s strategy, operations, and policy agenda. He also acted as the interim leader of the new agency, serving as the Special Advisor to the Secretary of the Treasury. Before joining the federal government, Mr. Date was Chairman and Executive Director of the Cambridge Winter Center for Financial Institutions Policy, a think tank focused on financial reform. Date was also an early board member at Prosper Marketplace, a position he stepped down from when he joined the CFPB.
Prior to his work in the public policy sector, Mr. Date was a Managing Director in the Financial Institutions Group at Deutsche Bank Securities, as well as Senior Vice President for Corporate Strategy and Development at Capital One Financial, where he led M&A development efforts across the U.S. banking and specialty finance markets. He began his business career in the financial institutions practice of the consulting firm McKinsey & Company. He has also served as an attorney, in both private and government practice.
Prosper Marketplace, Inc. is the parent company of Prosper Funding LLC (www.prosper.com), which owns a leading peer-to-peer financing platform to invest and borrow money (the “Prosper platform”). The Prosper platform connects people who want to invest money with people who want to borrow money. On Prosper.com, borrowers list loan requests between $2,000 and $35,000, and retail and institutional lenders invest as little as $25 in each loan listing they select. Institutional investors can also elect to participate in the Whole Loan Program. Over the past six years, more than $560 million in personal loans have originated through the Prosper platform. The unsecured personal loans are used by Prosper borrowers for a variety of purposes including paying down high interest rate debt and helping with small business funding.
About Fenway Summer
Fenway Summer is committed to rebuilding consumer finance on a foundation of trust. The firm was founded by Raj Date, the first Deputy Director of the Consumer Financial Protection Bureau, alongside a team with deep experience in the private and public sectors. Fenway Summer effects change by consulting clients on consumer finance strategy and building new consumer finance businesses. Across all advisory and investment engagements, Fenway Summer’s work is motivated by the principle that products designed to actually serve customers will be simultaneously profitable and sustainable.
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