Covington Advises Prosper Marketplace in Series D Financing

SAN FRANCISCO, April 13, 2015  —  Covington advised Prosper Marketplace, Inc. in its $165 million Series D financing. This round was led by Credit Suisse NEXT Investors, part of Credit Suisse Asset Management, and included J.P. Morgan Asset Management, SunTrust Banks, a subsidiary of USAA, BBVA Ventures (BBVA’s representative office in San Francisco), Neuberger Berman Private Equity Funds, Passport Capital, Breyer Capital and others.

Prosper Marketplace, headquartered in San Francisco, is the parent company of Prosper Funding LLC, which owns a peer-to-peer financing platform that connects people who want to invest money with people who want to borrow money. According to Prosper, the funding comes on the heels of a record quarter, with nearly $600 million in loans originated through the Prosper platform, up 200% from the year ago quarter.
 
The San Francisco-based Covington corporate team was led by Bruce Deming, Ingrid Rechtin, Brad Chernin and Michael Chen, and included assistance from Keith Noreika (bank regulatory), Keir Gumbs (securities) and Robert Newman (employee benefits).