A dramatic increase in revenue borne from several enhancements to the platform in 2013 earned several key Prosper executives promotions in an announcement made today.
Former CEO Stephan Vermut is now Executive Chairman, a role which he stated will allow him to have close involvement with the company and its future strategic direction. Replacing him as CEO is Aaron Vermut. Ron Suber, previously Head of Global Institutional Sales, assumes the role of President.
The trio have a long working history together. The Vermuts founded Merlin Securities in 2004. Within eight years, Merlin had amassed as much as $2 billion in assets serving hedge funds and other clients before the Vermuts sold Merlin to Wells Fargo, a transaction that marked Wells Fargo’s maiden entry into prime brokerage services. The deal was an early part of Wells Fargo’s strategy to bolster the investment bank it now owned following its acquisition of Wachovia in 2008.
Mr. Suber joined Merlin in 2008 as Head of Global Sales and Marketing. Following the sale to Wells Fargo, Mr. Suber joined Aaron Vermut at Wells Fargo before making the move to Prosper.
The moves are more good news in what has been solid development since the Vermuts and Mr. Suber joined Prosper. Monthly amounts loaned increased in 10 of the past 12 months, reaching a company record $66.8 million this January. The gap with between Prosper and Lending Club, which had been as high as a ratio of 13+ to 1 and consistently at 7 to 1 within the last 18 months, has been narrowed to 4 to 1 of late.
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