Prosper, a FinTech company, dealing in peer-to-peer lending, and based in San Francisco, California, has converted their entire retail loan portfolio to Shaw Systems’ RETAIL loan servicing software. The on-site project team, comprised of Prosper staff and personnel, and two Shaw consultants, flawlessly executed the conversion. Balancing and validation of data went according to schedule, and they were able to verify that all data converted properly as planned. The conversion turned out to be one of the smoothest in which both Prosper and Shaw Systems had participated.
Prosper started its relationship with Shaw Systems by selecting our RETAIL application to process their growing consumer loan portfolio. They wanted a solution that provided flexibility in defining products, fees, services, and reports and also offered advanced features and capabilities to enhance fee income and to bring new products to market in shorter time frames.
Courtney Moses, Shaw’s RETAIL VP product manager said “Working with Prosper Funding has been a great experience for those of us at Shaw Systems. Prosper embodies the new, creative, cutting edge of consumer lending and Shaw Spectrum is privileged to be an integral component of Prosper’s technology. Working together, both groups strive to ensure Shaw Spectrum is a feature rich, scaleable technical platform for many years to come.”
Prosper is America’s first peer-to-peer lending marketplace, with more than 2 million members and over $1 billion in funded loans. The Prosper platform connects people who want to invest money with people who want to borrow money. On the Prosper platform, borrower’s list loan requests between $2,000 and $35,000, and individual 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. 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.