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It's Official—Radius Joins LendingClub!

2 min read
Radius Officially Joins LendingClub

Today, we are thrilled to announce the completion of our acquisition of Radius Bancorp, Inc. (“Radius”). In February 2020, we announced our intent to acquire Radius and shared how we can grow and deepen our customer relationships with a marketplace bank. Less than a year later, with the completion of this acquisition, LendingClub becomes the only full-spectrum fintech marketplace bank, and the first public U.S. neobank.

This is a historic day for LendingClub and a true watershed moment for the industry. The move to digital-first banking is accelerating, and we are now positioned to capture that trend to grow our membership base, to more deeply engage with our existing 3 million members, and to help them keep more of what they earn and earn more on what they keep. By bringing together the unique assets of these two industry-leading businesses we can build on our history of improving the financial health of everyday Americans while significantly accelerating our growth trajectory.

As one of the original fintech disruptors born out of the Great Recession, we embarked on a mission to transform the banking system. Over a decade later, we’ve successfully expanded access to affordable credit through our financial products including personal loans, auto refinancing, small business and patient solutions. With this acquisition, our work continues. We are building on our 14-year history of helping more than 3 million members on their path to financial health to usher in a new era of banking. As we work to integrate the Radius experience into the fabric of our operations, the day-to-day user experience for our members won’t change. You can still expect the same service and support you have come to rely on at LendingClub and, in the near future, new products and services designed to find you savings.

We can’t wait to unlock even more value for members and investors. Stay tuned for more!

 


Safe Harbor Statement

Some of the statements above, including statements regarding the ability to realize certain financial and strategic benefits from the transaction and future products and services, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include our ability to realize the anticipated benefits of the transaction with Radius and those factors set forth in the section titled "Risk Factors" in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the Securities and Exchange Commission, as well as our subsequent filings made with the Securities and Exchange Commission, including subsequent reports on Form 10-Q and 10-K. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Information in this blog post is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,584 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,190 for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

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