Many call it Prosper “2.0.” But it’s hard to pinpoint exactly when or how the next-generation format of the peer-to-peer lending site began.

Some might point to the company’s emergence from a high-profile legal scrap with the Securities and Exchange Commission in 2008, when it lost a battle against having to register its loan offerings as securities. Or to its 2010 changeover from an eBay-style auction site, where interest rates were set by lenders’ bids rather than by a borrower’s credit score (as they are now currently set).

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.