How Prosper Increased Conversions by 15% With Iterable’s Embedded Messaging

Prosper Marketplace (Prosper) is a fintech pioneer that provides access to affordable financial solutions for consumers across the credit spectrum. Founded in 2005, Prosper introduced U.S. consumers to a novel approach to personal finance known as peer-to-peer lending. Twenty years later, Prosper has helped over 2 million customers achieve financial well-being through a comprehensive suite of products. Prosper’s flagship personal loan marketplace continues to offer a unique value proposition for both borrowers and investors. Home equity loans and lines of credit through Prosper provide homeowners a range of options and choices for tapping into the equity they’ve worked hard to build. The Prosper® Card supports people seeking access to credit and flexibility in managing their finances. Regardless of the product, Prosper is dedicated to meeting people where they are in their financial journey, advancing their financial well-being.

Leading acquisition marketing efforts at Prosper is Nikhil Khurana, the Director of Acquisition Marketing and Capabilities, who oversees all paid advertising channels and lifecycle marketing for customer acquisition and retention. Nikhil is focused on driving growth in Prosper’s core personal loan business while optimizing marketing strategies across various channels, including the integration of innovative tools like Iterable.

Before switching to Iterable, Prosper didn’t have a centralized platform for cross-channel messaging. As a result, delivering consistent, personalized experiences across different touchpoints was challenging, leading to a disjointed customer journey and lower engagement.

Prosper’s marketing team also lacked visibility or control over audience targeting, backend rules, and campaign performance.

Switching to Iterable enabled Prosper’s marketing team to take full ownership of its messaging strategy. This shift empowered Prosper to deliver more relevant and timely communications while significantly reducing reliance on engineering resources.

By adopting Iterable’s Embedded Messaging—a solution that enables marketers to deliver custom-configured messages directly within their app or web experience—Prosper can deliver contextually relevant messages at key moments through on-site banners, enabling more timely and personalized engagement for their web users.

Iterable’s Embedded Messaging enables marketers to deliver custom-configured messages directly to the client’s app or web experience. This messaging is seamlessly embedded in the user interface, creating native experiences that feel intuitive and unobtrusive for customers. Marketers can independently compose, personalize, and deliver these messages without waiting on engineering resources or lengthy development cycles. 

For example, Prosper’s marketing team can now manage and update Embedded Messages directly through Iterable. When a copywriter requested a minor change to a message, Nikhil noted, “I just went into Iterable, I removed the exclamation mark, and the changes were there in production straight away.”

The new process also created crucial operational and strategic benefits for the wider organization. Robin Yang, Sr. Product Manager at Prosper, noted the dual impact of the solution:

“We were able to create real estate in core areas of our user experience that could be independently driven by our marketing teams, freeing up valuable engineering time for complex initiatives and reducing the dependency between marketing calendars and development timelines. As a Product Manager, it was great to know that a straightforward Embedded Messages implementation could allow our team’s impact to scale with our campaign objectives, with minimal ongoing overhead from the engineering side—which also frees up the UX and Product members to collaborate strategically with Marketing.”

This newfound agility was further amplified by Iterable’s AI-driven tools. Features like Copy Assist have also accelerated content creation, boosting efficiency even more. While discussing its impact, Nikhil explained, “The speed to market and efficiency gains have been substantial with Copy Assist. What used to take a day to write copy now takes minutes.” This newfound agility has allowed Nikhil’s team to focus on strategic acquisition initiatives.

Using Iterable’s Embedded Messaging, Prosper achieved impressive results by targeting existing customers eligible for a second personal loan. These customers, who frequently log in to their accounts for servicing needs, represent a high-potential segment due to their established relationship with Prosper. By delivering tailored messages directly within the customer dashboard, Prosper effectively highlighted key value propositions, such as better rates and higher approval odds.

The results speak for themselves. “We saw a 15% lift in conversion rate for the repeat borrower audience and a 5% increase in personal loan originations,” shared Nikhil. This data-driven approach improved engagement and demonstrated the effectiveness of leveraging customer insights to deliver relevant, timely offers.

Prosper’s success with Iterable showcases the transformative power of unified, cross-channel messaging and targeted segmentation. By shifting control from engineering to marketing, Prosper significantly increased agility, reduced time-to-market, and delivered more relevant, data-driven customer experiences. Combining Embedded Messaging and AI-powered tools like Copy Assist empowered the team to move faster and smarter. As Prosper continues to scale its acquisition efforts, Iterable remains a critical partner in delivering seamless, impactful communication that drives measurable growth.