Prosper Marketplace Inc., one of the largest U.S. online lending platforms, is slashing its workforce 28 percent, joining rivals in signaling investors aren’t as eager to fund loans after years of rapid growth.

The venture is shutting an office in Utah and shrinking its staff in San Francisco and Phoenix, affecting a total of 171 people, according to a person briefed on the matter. Chief Executive Officer Aaron Vermut will forgo his salary this year, said the person, who asked not to be identified because the plans aren’t public.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.