When and Why Did LendingClub Acquire Radius Bank?

2 min read

On February 1, 2021, LendingClub Bank, N.A., closed the acquisition of Radius Bancorp and its wholly-owned subsidiary, Radius Bank, becoming the only full-spectrum financial technology (fintech) marketplace bank and the first public U.S. neobank. As of July 14, 2021, Radius officially updated its brand name to LendingClub.

This article answers some frequently asked questions about the acquisition and what it means for the future of our organization and our members.

Why did LendingClub acquire Radius Bancorp?

We’ve been investigating ways to add banking capabilities to our business since 2018. Initially, we connected with Radius to explore implementing its banking-as-a-service (BaaS) platform as a way to add traditional banking to our industry-leading lending business.

Ultimately, we discovered that Radius’s dynamic culture and entrepreneurial spirit presented an exciting opportunity. We could transform both organizations by joining together the two sides of the banking balance sheet—loans and deposits—and, in turn, pass significant savings on to our members.

Together, we offer new and innovative financial solutions to consumers across the lending and deposit spectrum.

What is LendingClub Bank (formerly Radius Bank)?

Voted the nation’s best online bank in 2020 by Bankrate, and the best online banking experience in 2021 by Nerdwallet, LendingClub’s award-winning, branchless digital banking platform provides superior customer service through state-of-the-art technology. LendingClub’s multi-billion-dollar asset class serves consumers, small businesses, unions, government entities, fintechs, and nonprofit organizations.

The LendingClub banking platform provides convenient features, such as check deposit, bill pay, card management, and a personal financial management dashboard, as well as open APIs that offer BaaS functionality to leading fintechs.

Will my LendingClub account change?

No, your current LendingClub loan account won’t change, and you’ll continue making payments to LendingClub. We’ll keep providing the outstanding service and support you've come to rely on.  We will communicate any potential changes well in advance of those changes happening.

What new products are available to me?

We are still in the process of finishing the integration of these two great organizations—in the future, you’ll gain access to a broad range of financial products and services through a technology-driven platform, designed to help you pay less when borrowing and earn more when saving. We’re cooking up some new and exciting products we hope to share with you soon.

Is LendingClub just another bank now?

Absolutely not! While we have the capabilities of other banks, we’re striving to become something new—a marketplace bank. Our goal is to transform traditional checking and savings in the same way we transformed the personal loan industry.

Through technology, culture, and values, LendingClub Bank, N.A., will look to reduce consumer financial costs and increase access to money-saving products. We’re reimagining financial services in a way that is free from legacy systems and outdated practices. We envision a future where our institution’s success aligns with our members’.

Where can I get more information?

Visit our banking FAQs to learn more about the benefits the banking platform brings to our members. If you have other questions, contact us by signing in to your Member Center, or call us at 800-242-0272. We're here Monday through Friday from 8:30 am to 12 am, and Saturday and Sunday from 8 am to 8 pm Eastern Time.

LendingClub Resources

Related Resource Center
If you're planning on consolidating debt or making a big purchase like buying a home or new car, chances are you'll need financing to help reach your goals. Understanding the true cost of a loan is key to getting the best deal possible—and most often that starts with shopping APRs and interest rates across different lenders.
Jul 15, 2024
6 min read
Woman in yellow shirt in coffee shop writing in notebook in front of laptop
Your credit score plays a key role in nearly every aspect of your financial life—from the rates you receive on loans to applying for utility services and cellphone plans. Given how often those numbers will come into play, it is a smart move to aim for the best scores you can.
Jul 13, 2024
9 min read
What Affects Your Credit Scores?
To open a business bank account, you’ll need to choose a bank, gather documentation to apply, and have funds on hand for an initial deposit.
Jul 9, 2024
5 min read
How to Open a Business Bank Account
Identity theft happens when your personal information is stolen and used without your permission. Understanding the warning signs, knowing how to protect your information, and what to do if your identity is stolen can help keep your identity safe and recover faster. 
Jul 6, 2024
9 min read
Preventing Identity Theft
Sticking to a budget can be challenging, but having a clear goal and rewards can help you stay on track.
Jun 27, 2024
4 min read
Person in blue shirt sitting at desk with notebook, laptop and phone
Related Impact
From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.
Nov 13, 2022
2 min read
blog header stackit 765x430 v1-1
Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.
Oct 2, 2022
5 min read
LendingClub Rewards Checking Nationally Certified as Trusted, Afforda
Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.
Apr 19, 2022
2 min read
Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people
In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 
Mar 6, 2022
less than a minute read
LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  
Jan 2, 2022
2 min read
Man in blue button up shirt and glasses smiling
Related FAQ's
Stackit is a brand-new browser extension for personal loan members that’s free, easy to install, and automatically finds cash back and coupons at more than 15,000 of your favorite online stores.
Jun 7, 2023
5 min read
We take the privacy and security of our members, investors, and partners seriously. Here are some answers to frequently asked questions about LendingClub’s privacy policies.
Jun 7, 2023
2 min read
LendingClub Bank is the only full-spectrum financial technology (fintech) marketplace bank and the first public US neobank.
Jun 7, 2023
3 min read
We offer several ways for you to make your monthly auto loan payment, so you can choose the method that works best for you. A statement will be mailed to you every month that shows the payment amount and due date.
Nov 29, 2023
less than a minute read
LendingClub provides a year-end statement that summarizes your account activity, including how much interest you’ve earned and information regarding Notes tied to loans that have been charged off.
Jun 7, 2023
less than a minute read
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
Sep 6, 2023
4 min read
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
Mar 21, 2023
3 min read
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
Mar 21, 2023
4 min read
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
Feb 7, 2023
3 min read
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
Feb 4, 2023
3 min read

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

© 2024 LendingClub Bank. All rights reserved.