https://www.businesswire.com/news/home/20181114005456/en/

SAN FRANCISCO--(BUSINESS WIRE)--Nov 14, 2018--Prosper, a leading peer-to-peer lending platform connecting borrowers and investors, today reported financial results for the third quarter ending September 30, 2018. Quarterly originations were $640 million, down from $822 million a year ago; Net Loss was ($19.8) million, an improvement of $7.2 million from the previous year; and Adjusted EBITDA was ($5.4) million vs. $7.3 million the prior year. Prosper also announced today that it plans to launch a new digital home equity product in early 2019.

“As Prosper continues to focus on meeting investors’ return expectations, we have tightened credit and increased borrower rates this year in a rising interest rate environment. We have also focused our efforts and resources on expanding our business beyond personal loans with the development of a new home equity line of credit product,” said David Kimball, CEO, Prosper Marketplace. “While the credit actions taken significantly reduced Q3 originations on the platform, Prosper will continue to emphasize this credit and pricing discipline as we prioritize a sustainable long-term business over near-term growth.”