Prosper announced that it has signed an agreement to acquire BillGuard, a personal finance analytics company that develops popular apps to manage and protect consumer's credit and finances. Since its start, BillGuard has flagged over $70m of unauthorized charges and has over 1m users. Although not fully disclosed, it is believed the acquisition cost was over $30m. Prosper believes the synergies of the acquisition will allow it to offer borrowers and investors a full suite of powerful tools to help them make smarter financial decisions, plus give it a boost with BillGuard's extraordinary engineering and product talent pool.
Prosper says that the acquisition will enable it to offer its current customers more tools “to make smarter financial decisions.” Moreover, BillGuard boasts a strong engineering and product team in Tel Aviv, where the company’s two founders — Yaron Samid and Raphael Ouzan — hail from. And Prosper points to this as a major boon. “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 and product,” said Itzik Cohen, chief business officer at Prosper.