Radius Bank is Joining LendingClub
We are thrilled to announce that Radius is joining the LendingClub family!
Years ago, Radius made the decision to move beyond the “fintechs vs. banks” competition mentality. Instead, we looked to collaborate with fintechs with a mission to seamlessly combine today’s top-of-the-line financial technology with the best account features to provide a superior digital banking experience to our customers. And for the nearly a decade we’ve been doing just that.
Now, together with LendingClub, we’re creating an industry first – a digitally native marketplace bank at scale with the power to deliver an integrated customer experience, enabling consumers to both pay less when borrowing and earn more when saving.
LendingClub is America’s largest online lending marketplace connecting borrowers and investors, and the number one provider of personal loans in the country, facilitating more than $12.3 billion in loans in 2019. Founded in 2006, they’re one of the first fintechs and have a lengthy track record of growth and innovation with a strong focus on the financial health of consumers. Those reasons, along with its robust set of core values and great company culture, made LendingClub a perfect pairing to help Radius move to the next level.
It’s important for our clients to have a highly customized digital banking experience that meets their financial needs. Being able to combine Radius’ top banking products and digital platform with LendingClub’s innovative services is paramount to the future of banking.
To our clients, thank you. Your feedback and support have helped get us to this point, pushing us to continuously innovate and create a forward-thinking bank that was recently recognized by Bankrate as the “Best Online Bank in 2020.” This combination will allow us to do all the things we do today plus have the opportunity to continue innovating and offer more products, services, tools and features in the future with the resources and experience the LendingClub team provides us.
To our strategic fintech partners, your leading-edge technology and approach to servicing various niche markets has been an inspiration. We love working with each of you and remain committed to serving the fintech community. We look forward to the possibilities of what we’ll build together in the future with even more resources supporting us.
This combination, which is subject to regulatory approval, is expected to take 12-15 months to complete. Everything will remain the same with your money and your banking activities. Your Radius team will remain intact, and your deposits are safe and remain FDIC insured. You still have access to all of the same account features and tools, and we will continue doing all the things we’ve always done to help you be successful.
I understand you may have questions regarding this news and what it means for you, so please refer to our Q&A page to learn more. If you would like to speak with someone directly, please don’t hesitate to contact us.
This is a perfect example of 1 + 1 = 3 — two already-strong companies coming together to do more. We are excited to embark on this journey with LendingClub and look forward to the future.
President and CEO