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News by FinTech Collective Archive

LendingClub buys Radius Bank for $185 million in first fintech takeover of a regulated US bank

Faisal Kawar

February 21, 2020

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Faisal Kawar

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LendingClub will acquire a banking license, $1.4b in assets that will provide a stable and cheaper source of funding, and improved margins no longer needing bank approvals for each loan.

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“What a bank charter does for LendingClub is it allows us to take what is the leading digital loan provider online and combine it with a leading digital deposit gatherer,” Scott Sanborn, CEO of LendingClub, said Tuesday on CNBC. “It totally changes the earnings profile of this business.”

https://www.cnbc.com/2020/02/18/lendingclub-buys-radius-bank-in-first-fintech-takeover-of-a-bank.html

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