Magazine article American Banker

Prosper Reboots Its Recently Acquired Mobile App

Magazine article American Banker

Prosper Reboots Its Recently Acquired Mobile App

Article excerpt

Byline: Kevin Wack

Prosper Marketplace is rebranding a personal-finance app that it acquired last year, a key part of the firm's efforts to engage more frequently with its borrowers. The mobile app, which offers fraud protection for consumers' debit and credit cards, was formerly known as BillGuard. Starting Thursday, it will be called Prosper Daily. The new name suggests to the app's 1.6 million registered users that they ought to log in every day. Executives at San Francisco-based Prosper will certainly be pleased if they do. "We'd like to have more of a relationship with our customers," Itzik Cohen, the firm's chief business officer, said in an interview. Prosper currently offers personal loans ranging from $2,000 to $35,000, but the online lender has designs on a larger piece of the consumer-finance market, including loans at retail points of sale. The rebranded app should help Prosper to cross-sell additional products to its existing borrowers. …

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