"Online marketplaces have transformed many of our everyday experiences," says Nigel Morris, a co-founder of Capital One, on joining the board of Prosper's parent company.

Capital One Alum Nigel Morris Joins Prosper's Board

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Nigel Morris, a co-founder of Capital One Financial (COF), has joined the board of the parent company of loan marketplace Prosper.

"Online marketplaces have transformed many of our everyday experiences, and Prosper is transforming the financial industry by creating an online marketplace for credit," Morris said in a news release. "The growth and momentum at Prosper over the past year has been absolutely stellar, and I'm thrilled to be able to contribute my own experience to the company."

Morris, who co-founded Capital One 20 years ago, currently serves as managing partner of the venture capital firm QED Investors. He is also non-executive chairman of Borro, a firm that makes short-term loans to wealthy individuals.

Morris joins fellow Capital One alumnus Raj Date on Prosper Marketplace's board. Date, who served as deputy director of the Consumer Financial Protection Bureau, joined the board last July.

San Francisco-based Prosper competes with Lending Club and numerous other smaller firms in the burgeoning peer-to-peer lending market. Prosper's consumer loans are funded by investors who visit the company's website.

Lending Club's board also includes a number of well-known names: former Treasury Secretary Lawrence Summers; former Morgan Stanley Chief Executive John Mack; and Mary Meeker, the bank analyst-turned-venture capitalist.

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(Image: Bloomberg News)

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