LendingClub shutters retail investor platform in pivot to banking

Fintech
By Jennifer Kang
08 Oct 2020

LendingClub is retiring its retail notes platform at the end of 2020 as the company continues to walk the path of becoming the first fintech-turned-bank. This marks the end of an era for the online lender, which pioneered the peer to peer model in the earliest days of marketplace lending, sources say.

The decision links back to LendingClub’s desire to become a bank. In February, LendingClub announced that it started the process of acquiring Boston-based Radius Bank for $185m in a bid to become a “marketplace bank.” That process is well underway; on September 25, LendingClub filed an FR ...

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