Fintech lender Prosper to pay $3 million fine for misleading investors

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Fintech lender Prosper to pay $3 million fine for misleading investors The Securities and Exchange Commission announced Friday that Prosper has agreed to pay a $3 million fine to settle charges that it misled to investors by reporting inflated returns.

Another company in FinTech lending space is Avant, which makes instant online loans of $1,000 to $35,000 to retail cutomers at 10% to 36% interest for two to five years and has lent already $2 billion, with an average loan size of $8,000.

Indian small business lender Aye Fin raises $10.3 million in funding By Durba Ghosh for TechInAsia Delhi-based non-banking finance company Aye Finance raised a US$10.3 million in series B round from LGT IV and existing investors SAIF Partners and Accion .

The Securities and Exchange Commission announced late last week that Prosper, the online lender, has agreed to pay a $3 million fine for misleading retail and other investors via statements it made.. In a press release the SEC said it charged Prosper with "miscalculating and materially overstating annualized net returns to retail and other investors."

Prosper Marketplace, one of the leading online lenders in the US, has signed an agreement with a group of institutional investors to purchase up to $5 billion in loans over the next 24 months. The.

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Prosper specifically has rebounded quite strongly and institutional demand is absorbing most of the loans. During November, institutional and other large investors snapped up 63.5% of issued loans as whole loans (Lend Academy: LC and Prosper Top $280 Million in New Loans in November).