LendingClub becomes first fintech to acquire US bank - Business Insider

LendingClub's loans are currently funded both by investors and its own balance sheet cash. Being able to take in deposits could serve as another source of cash to lend.

"This is amazing news. I'm sorry, I know I'm supposed to be a hardcore analyst," said Henry Coffey, a specialty finance analyst at Wedbush Securities, during the call. Coffey added that he had always expected LendingClub would buy a bank and use it for all its advantages, "but instead, I see that you're buying, frankly, a significant institution. So congratulations.

Radius Bank is a Boston-based digital bank that offers consumer banking, business banking, and a banking-as-a-service platform. Radius has $1.b in deposits and $1 billion in consumer and commercial loans on its balance sheet. And the bank offers specialized products like yacht loans, which make up"Radius is not a typical bank out of a group of thousands," said Sanborn.

The acquisition is expected to close in 12 to 15 months, pending regulatory approval. During this time, LendingClub will work toward regulatory reviews required for the bank charter.

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