The acquisition of fintech startup BillGuard, the Israeli personal finance analytics company that develops popular consumer apps to manage and protect money and credit, enables the American P2P lending service Prosper Marketplace to offer its clients marketplace lending and personal finance management under one roof.
“Until now, nobody has brought together marketplace lending and personal finance management to deliver an offering that truly empowers, protects and educates consumers,” said Aaron Vermut, chief executive officer at Prosper Marketplace. “In addition to the strategic value of this acquisition, we’re also excited to welcome the BillGuard team to Prosper Marketplace. They represent truly world-class talent and bring a team and technology platform that will immediately accelerate our product development.”
“Israel is home to phenomenal tech talent on par with the best of Silicon Valley, and we see great opportunity to bolster our ranks by broadening BillGuard’s proven team in Tel Aviv.”
The San Francisco-based Prosper Marketplace paid a reported $30 million in cash and an undisclosed stock package for BillGuard late last month.
BillGuard’s technology, powered by crowdsourcing, helps consumers detect the billions in fraudulent payment card charges that strike Americans each year. Since inception, BillGuard has flagged over $70 million in unauthorized charges. With more than 1.3 million registered users, BillGuard’s five-star rated iPhone and Android mobile apps have won almost every industry award in their category, including being named one of the top banking innovations of all time by Online Banking Report and a Best App of 2014 by Google.
“Both BillGuard and Prosper Marketplace are focused on empowering consumers to be financially secure, smart and successful,” said Yaron Samid, co-founder and CEO of BillGuard. “Joining forces means that BillGuard can continue to innovate while contributing to the evolution of Prosper Marketplace as a full-service financial management company.”
“The BillGuard app helps people stay on top of their financial life and make better decisions about how they spend and save their money. We’re thrilled to be able to offer this product to all Prosper’s customers,” said Itzik Cohen, Chief Business Officer at Prosper Marketplace. “In addition, Israel is home to phenomenal tech talent on par with the best of Silicon Valley, and we see great opportunity to bolster our ranks by broadening BillGuard’s proven team in Tel Aviv.”