Prosper Adds Florida Lenders, Lending Club Adds Missouri
P2P Lender Prosper announced today that they are now welcoming lenders from Florida. Florida is the fourth most populous state in the U.S., which adds 6% of the population to Prosper’s addressable market. Along with recent announcements opening Rhode Island and Virginia, Prosper is now available to 54.1% of the U.S. population. Rival social lending site Lending Club also announced recently that they were open to Missouri lenders, adding 1.9% of the population, for a grand total of 54.3% of the population.
Although the companies are neck-and-neck in the race for regulators’ favor, Lending Club continues to dominate the P2P lending race, with almost 5 times Prosper’s loan volume in August 2009 at $4.3 million in loans issued vs. Prosper’s $905,000 in loans issued. Prosper has only been back in operation for a month since reopening with clearance from the SEC, but at the midpoint of September, loan volumes continue to look 5:1 in favor of Lending Club.
At 54% of the population, both Prosper and Lending Club still have a lot of work to do with state securities regulators; so far it is clear that the low-hanging fruit has been harvested. But Texas (8% of the population), Pennsylvania (4.1%), and Ohio (3.8%) are the next-biggest states to conquer, and just adding those three states would increase the addressable market for either company by nearly 30%.
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