Fintech plans to purchase bank

Feb 19, 2020
Financial technology company LendingClub announced plans to acquire Boston-based Radius Bancorp for $185 million. If approved by the Office of the Comptroller of the Currency, LendingClub would become the first fintech to purchase a bank.

The fintech, which specializes in consumer installment loans noted several expected benefits from its foray into banking including, adding deposits as a low-cost, stable source of funding and the ability to sell more products and attract new customers.