LendingClub Continues Quest to Reimagine Banking with Radius Bank Acquisition

Yesterday, LendingClub shared that they were acquiring Radius Bank for $185 million in cash and stock; this is the first time that a US fintech has acquired a bank; Radius Bank is a digital bank with $1.4 billion in assets and is highly rated by various comparison websites; CEO of LendingClub Scott Sanborn shared that the forward thinking culture at Radius will blend in well with their own; LendingClub expects the investment to pay for itself in two years and that the transaction will be completed in 12-15 months; some of the benefits for LendingClub include access to the deposit base and no longer having to rely on existing bank partners which will save money over the long term; in Q4 2019 LendingClub achieved GAAP profitability by a small margin and fell short of revenue expectations; included in our blog post are more thoughts from CEO Scott Sanborn and LendingClub’s outlook for Q1 2020 and full year. Lend Academy

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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