Thursday, February 9, 2023
  • Login
198 Crowd Funding News
No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
No Result
View All Result
198 Crowd Funding News
No Result
View All Result
Home Crowdfunding News

Moves Forward with Digital Banking Future

February 1, 2021
in Crowdfunding News
0
Share on FacebookShare on TwitterShare on Email

[ad_1]

LendingClub (NYSE:LC) has completed the acquisition of Radius Bancorp, according to a public release.

Scott Sanborn, CEO of LendingClub, issued the following statement:

“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.”

LendingClub revealed its intent to migrate to a digital banking model and acquire Radius in early 2020 for an estimated price of $185 million in both stock and LendingClub shares. The company estimated it would take 12 to 15 months to close so LendingClub is on schedule with the acquisition. LendingClub received approval from the Office of the Comptroller of the Currency at the end of 2020. The Fintech also predicted it will take about 2 years for the deal to generate sufficient revenue to pay for the purchase.

By entering the digital banking sector as a federally chartered bank, LendingClub will not only be competing with a bevy of neobanks that partner with chartered banks but also a growing number of chartered digital banks like Marcus and Varo Money. Initially, LendingClub said would operate as a “marketplace bank” but that concept may be up in the air as the company announced its exit from retail notes, or allowing retail investors to back originated loans, last year.

Digital banking remains a hot sector of Fintech as incumbent banks race to shed costly brick and mortar operations while Fintechs rush to iterate new services and features designed to lure customers away from expensive traditional banking operations. While LendingClub will still offer online lending it will combine this service with the vast array of banking services to an already established user base.

LendingClubs entry into digital banking has apparently captured more interest from institutional money. Just last week, a form 13G was filed with the Securities and Exchange Commission indicating the Blackrock now holds  7.1% of LendingClub shares.

LendingClub will provide additional details on the Radius acquisition when it reports earnings for the fourth quarter and full-year 2020 in the coming weeks.



[ad_2]

Source link

Tags: BankingDigitalFutureMoves
ShareTweetSend

Related Posts

Crowdfunding News

Learning To Play Piano Is Made Easy With PopuPiano

June 3, 2022
Crowdfunding News

Solana Teaches Crypto Investors a Critical Lesson

June 3, 2022
Crowdfunding News

Caught naked!? | Crowdability

June 2, 2022
Crowdfunding News

EP #395 The Formula Nebia Towel Used To Raise $167,750 On Kickstarter

June 2, 2022
Crowdfunding News

News Fix: Startups Face a Souring Economy, SpaceX Skyrockets to $125 Billion

June 1, 2022
Crowdfunding News

Top 5 Crowdfunding Campaigns – May 2022

June 1, 2022
Load More
Next Post

How the DonorsChoose Team is Honoring Black History Month

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST STORIES

Between Music – Crowdfunding video

June 5, 2022

Attacking A Market Failure With Candice Matthews Brackeen

June 5, 2022

Crowdfunding video – Kabeção 1st solo Album – Touching Souls

June 5, 2022

The Gecko – Failure is not an option

June 5, 2022

Roller Kingdom Crowdfunding Video

June 4, 2022

Introduction – Art of Failure with Eli Zelkha

June 4, 2022

Radbahn Crowdfunding Video + Fast Forward Science 2017 Film

June 4, 2022

Jorge Newbery at Failure Lab

June 4, 2022

Outland Denim Equity Crowdfunding Video

June 4, 2022

What I learned about Failure, Loneliness, and Red Lizard at the Spark Fest Cebu

June 4, 2022
Load More
198 Crowd Funding News

Own and operated by The Ike Lemuwa Group, LLC a Commonwealth of Virginia Limited Liability Company, USA.
Info@nigeriasmartnews.com / info@ikelemuwagroup.com
Toll-Free: 1 888 642 8433
3821 Dominion Drive Dumfries, Virginia, 22026. USA

Categories

  • Home
  • Crowdfunding News
  • Blog
  • Articles
  • Sponsorship
  • Crowd Support
  • Crowdfunding Sources
  • Partner with 198TILG Mastermind Platinum Group
  • Video

Recent News

  • Between Music – Crowdfunding video
  • Attacking A Market Failure With Candice Matthews Brackeen
  • Crowdfunding video – Kabeção 1st solo Album – Touching Souls
  • The Gecko – Failure is not an option
  • Roller Kingdom Crowdfunding Video
  • Home
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2021 198 Crowdfunding News.

No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT

Copyright © 2021 198 Crowdfunding News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In