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It’s Official: LendingClub Has Acquired Radius Bank

LendingClub has closed on their acquisition of Radius Bank making history as the first marketplace lender to acquire a bank

February 1, 2021 By Peter Renton Leave a Comment

Views: 1,061

Scott Sanborn, CEO of LendingClub, speaking at LendIt Fintech USA in San Francisco in 2018

When LendingClub announced that they were looking to acquire Radius Bank in February last year everyone assumed it would take a long time to close. Then when the pandemic struck most people thought that the 12-15 month timeline that was initially put forward would be stretched to 18 months or more.

But that proved to be a wrong assumption. They needed to wait for the requisite government approvals and the final piece came through two weeks ago. So, here we are less than a year from the initial announcement and LendingClub shared today that the deal has now closed.

Here is the official statement from CEO Scott Sanborn:

This is a historic day for LendingClub and a true watershed moment for the industry. The move to digital-first banking is accelerating, and we are now positioned to capture that trend to grow our membership base, to more deeply engage with our existing 3 million members, and to help them keep more of what they earn and earn more on what they keep. By bringing together the unique assets of these two industry-leading businesses we can build on our history of improving the financial health of everyday Americans while significantly accelerating our growth trajectory.

Now, the work begins. How will LendingClub leverage their new bank? What exactly will a marketplace bank look like? What new investor products will we see? There are far more questions than answers right now but LendingClub has the chance to create a whole new take on digital banking. With more than three million customers this new digital bank will already have significant scale on its side.

We will be keeping an eye on new developments and will share as LendingClub Bank starts to take shape.

Filed Under: Fintech

Views: 1,061

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ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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