News Topic: LendingClub
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LendingClub says 2021 losses will be lower than expected
Amid losses, LendingClub lays out long-term vision for its bank
The company is anticipating at least $175 million in losses in 2021, but its recent acquisition of Radius Bancorp will reduce funding costs and allow it to develop a full gamut of banking products that its CEO says will eventually yield big profits. ... Read full article
Turning LendingClub into a full-spectrum bank
The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says. ... Read full article
LendingClub-Radius Bank deal clears final regulatory hurdles
LendingClub, poised to be the first U.S. online lender to buy a bank, says the transaction will be completed in early February now that it has received approvals from the Office of the Comptroller of the Currency and the Federal Reserve. ... Read full article
End of an era: LendingClub to drop P2P platform
The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors. ... Read full article
Using AI to make secondary market for online consumer loans
Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession. ... Read full article