LendingClub becomes first fintech-turned-bank

By Jennifer Kang
19 Jan 2021

Online lender LendingClub successfully passed all the regulatory hoops required to acquire Radius Bank, the company said on Tuesday morning, making it the first public US neobank. The deal will officially close on February 1.

In 2019, when murmurs of fintechs looking to become banks grew louder, very few people thought it could actually happen in the ABS world. Those that believed online lenders could undergo the transformation thought it would take more than just a couple of years.

On Tuesday, LendingClub ...

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