Prosper, CRB Securities, and Cross River Bank Close Inaugural 100% Prefunded ABS Transaction

SAN FRANCISCO, C.A. - Prosper Marketplace, Inc. (“Prosper”), a fintech pioneer providing access to affordable financial solutions to consumers across the credit spectrum, and CRB Securities, LLC (“CRBS”), a SEC-registered broker-dealer and FINRA member, announced the successful closing of Prosper’s inaugural 100% prefunded asset-backed securities (“ABS”) transaction, Prosper Asset Receivables Trust, 2025-1 (“PAR 25-1”).

The $120 million PAR 25-1 transaction is backed by fixed-rate, fully-amortizing, unsecured personal loans originated through Prosper’s platform^[1]. CRBS serves as the sole Structuring and Placement Agent  and the deal is co-sponsored by Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions.

"The prefunded nature of this transaction allows Prosper to efficiently facilitate the origination of loans through its platform, while complementing existing asset sales of whole loans and passthrough certificates to institutional investors,” said Usama Ashraf, President & Chief Financial Officer of Prosper.  “We are thrilled to have partnered with Cross River and CRBS to bring this transaction to the institutional market."

“It’s been exciting to work with Prosper, the first peer-to-peer lending platform in the United States, these past few months to design a capital solution that fits their needs,” said Ryan Callahan, Head of Structured Products at CRBS. “The built-in leverage on the certificates attracted both new investors to the Prosper platform as well as some of Prosper’s longstanding existing institutional partners.”

“Cross River is proud to partner with Prosper as co-sponsor of this transaction. We’ve always thought highly of the Prosper team and the consistent asset performance they’ve been able to deliver to their investor network,” said Rahul Jha, Head of the Principal Finance Group at Cross River.

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About Prosper:

Founded in 2005, Prosper introduced U.S. consumers to an innovative new approach to personal finance called peer-to-peer lending. Twenty years later, Prosper has helped over 2 million customers achieve financial well-being through a comprehensive suite of products. Prosper’s flagship personal loan¹ marketplace continues to offer a unique value for borrowers and investors alike. Home equity loans and lines of credit through Prosper provide homeowners a range of options and choices for tapping into the equity they’ve worked hard to build. The Prosper^® Card^[2] supports people seeking access to credit and flexibility in managing their finances. Regardless of the product, Prosper is dedicated to meeting people where they are in their financial journey, in order to advance their financial well-being. Learn more at www.prosper.com. Prosper’s borrower payment dependent notes (“Notes”) are offered to retail investors pursuant to a Prospectus filed with the SEC. Retail Investors should carefully consider the risks, uncertainties, and other information described in the Prospectus before investing.

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About CRB Securities:

CRB Securities, LLC (“CRBS”)  is a wholly owned subsidiary of CRB Group Inc, a bank holding company,  and the parent company of Cross River Bank(“CRB”), established in 2008. CRBS is an SEC-registered broker-dealer and FINRA member. CRBS was created to solve the financing needs of clients that are looking to access the capital markets through the issuance of securities.Through CRBS, Cross River clients can diversify their funding strategy in a flexible and operationally efficient manner. For more information on CRBS, please visit brokercheck.finra.org

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^{[1] All personal loans made by WebBank.}

^{[2] The Prosper® Card is an unsecured credit card issued by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard® International. All home equity products are underwritten and issued by Prosper’s lending partners. Please see your agreement for details.}