LendingClub Corp on Tuesday agreed to buy U.S. digital lender Radius Bank in a c...
NEW YORK - LendingClub Corp on Tuesday agreed to buy U.S. digital lender Radius Bank in a cash-and-stock deal valued at $185 million, as it looks to gain access to a cheaper source of funding and offer a broader suite of banking services.
Boston-based Radius has more than $1.4 billion in assets and offers checking and savings accounts online. The company has been in discussions with regulators for over a year and expects the approval process to take 12 to 15 months, Sanborn said on a call with analysts. The acquisition comes as other fintech companies, such as payments processor Square Inc, seek to secure national bank licenses, a lengthy and cumbersome process. Online banking startup Varo Money, last week said it had secured approval from the Federal Deposit Insurance Corporation, the latest step in a multi-year endeavor.
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