Prosper Names Former Charles Schwab Executive CTO

Peer-to-peer lending marketplace Prosper has appointed Scott Strait as chief technology officer. Prosper has raised $80.9 million in venture capital and is backed by investors including Accel Partners; Larry Cheng of Volition Capital; David Silverman of Crosslink Capital; Court Coursey of TommorrowVentures; Timothy Draper of Draper Fisher Jurvetson; Capital One Co-founder Nigel Morris of QED Investors; Eric Schwartz; DAG Ventures; Mertiech Capital and Omidyar Network.

PRESS RELEASE

Prosper, a leading peer-to-peer lending marketplace, today announced the appointment of Scott Strait as Chief Technology Officer. Mr. Strait brings an extensive record of IT leadership and strategic technology transformation within the financial service industry to Prosper. As CTO, Strait will be responsible for overseeing all aspects of technology and will report directly to CEO Dawn Lepore.

“Scott has deep experience leading technology organizations, most notably at Charles Schwab where he played a key role during some of the company’s most transformative years,” said Lepore. “His capabilities make him uniquely qualified to help Prosper excel during our next phase of growth and we’re excited to have him join the team.”

“This is an incredible time in the financial services industry, and Prosper.com is quickly gaining traction as an attractive alternative to traditional banking. I’m looking forward to bringing innovative products and services to both lenders and borrowers on the Prosper platform,” said Strait.

Most recently, Strait worked with two innovative financial industry start-up companies. He was CTO at Aria Retirement Solutions, a break-through guaranteed income product, and CIO at Renewable Funding, the leader in the administration and financing of PACE programs. Previously, Strait spent 12 years with Charles Schwab where he held a variety of positions, including CTO; divisional CIO for the Schwab Investor Services business serving retail investors; Senior VP of technology for back-end brokerage, cashiering, and operations; and divisional CIO for the Schwab Institutional business serving independent financial advisors. As CTO and head of retail technology, Strait drove the development of the technology that led Schwab’s strategy shift from transaction-based to relationship-based client experience and to the complete rewrite of Schwab.com.

With competitive interest rates for borrowers, and investor returns that have averaged 10 percent over the past three years, Prosper.com is helping people take control of their financial future. Borrowers have access to loans that are safe, easy to manage, and deliver competitive, fixed interest rates and fees, while investors have direct access to a high yield short duration asset class previously not available to them.

About Prosper

Prosper is a leading peer-to-peer lending marketplace that 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 $25,000, and individual lenders invest as little as $25 in each loan listing they select. Over the past six years, more than $400,000,000 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. Prosper has raised $80.9 million in venture capital and is backed by financial and technology luminaries including Accel Partners; Larry Cheng of Volition Capital; David Silverman of Crosslink Capital; Court Coursey of TommorrowVentures; Timothy Draper of Draper Fisher Jurvetson; Capital One Co-founder Nigel Morris of QED Investors; Eric Schwartz; CompuCredit; DAG Ventures; Mertiech Capital; Omidyar Network.

SOURCE: Prosper

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