LendingClub announced the completion of its acquisition of fintech, Radius Bankcorp Inc. The acquisition makes LendingClub one of the first marketplace bank in the industry.
The peer-to-peer online lender has been in the works of acquiring the digital bank since last year February. Costing nearly $185 million in cash and stock transaction, the merger will allow the new entity to give customers control over their financial health.
Acquiring Radius Bank made more sense than a partnership as LendingClub aims to diversify its offerings, Anuj Nayar, Financial Health Officer at LendingClub told The Buttonwood Tree in an email.
A marketplace bank provides a platform that connects lenders and borrowers while providing banking services to its customers. The merger will make LendingClub t…