Prosper pulls plug on anti-ID-theft app

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Prosper Marketplace, one of the largest marketplace lenders, is discontinuing the Prosper Daily app.

The app, formerly known as BillGuard and a favorite of many fintech insiders, helped users protect their identities and monitor their credit scores.

In a blog post announcing the app’s sunset, Prosper — which announced the acquisition of the consumer finance maker BillGuard in September 2015 — wrote: “This decision is part of Prosper’s continuing focus on creating a category-defining experience for borrowers, as well as for investors interested in consumer loans. Prosper continues to see growth and momentum across its business, and our current position of strength gives us the opportunity to further enhance the experience for borrowers and investors.”

The online lender said it will no longer have access to users' financial accounts once the app is discontinued and that it will reimburse annual subscribers. Prosper Daily was free, but users could add identity protection for $9.99 a month or $83.88 a year.

Prosper's post urged consumers to use Clarity Money, a personal financial app that counts Acorns, a microinvesting app, as a partner.

This summer, another marketplace lender, Social Finance, decided to discontinue accounts offered by Zenbanx, a mobile technology company that SoFi acquired earlier this year.

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Marketplace lending Identity theft protection Credit scores
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