Radius Bank gives Lending Club members the opportunity to open a savings account. Any bank could have done that for Lending Club. Radius, however, brings relationships and integration with its banking-as-a-service partners—and not any bank can provide that.
Lending Club banners hang on the facade of the New York Stock Exchange for it's IPO on December 11,2014 in New York. Lending Club started trading on the NYSE at a high $24.75 USD per share. AFP PHOTO/DON EMMERT Lending Club, one of the nation’s first peer-to-peer lenders , announced it plans to acquire Radius Bank, a relatively small Boston-based bank, unknown to most people outside of the industry .
Despite the buzzword-laden proclamation, this acquisition makes a lot of sense for both parties for reasons that go beyond what many observers have reported on.Much of the discussion about the deal has focused on some of the obvious, and shorter-term benefits of the acquisition, including a more stable source of funding and a $40 million reduction in bank fees and funding costs, both of which will help boost the spread Lending Club earns on the loans it keeps on its balance sheet.
Many banks are falling over themselves trying to partner with fintech companies. In its latest survey, Cornerstone Advisors found that 70% of financial institutions consider fintech partnerships to be an important aspect of their 2020 strategies. In the S&P article, a Wedbush Securities analyst says, “LendingClub will be a competitive deposit-gatherer by offering a very attractive value proposition for customers.”
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
China's Citic, AIbank to lend Haidilao restaurants 2.1 billion yuanChina's Citic Bank and AIBank will lend 2.1 billion yuan ($298.77 million) ...
Les mer »
LendingClub becomes first fintech to acquire US bank - Business InsiderLendingClub is poised to become the first fintech to buy a US bank in a $185 million deal one analyst called 'amazing news' — here's why it's so transformative
Les mer »
Wolves fans free to dream of Europa League glory, says NunoWolverhampton Wanderers manager Nuno Espirito Santo understands why the club&03...
Les mer »
Morgan Stanley Buys E*Trade For $13 BillionThe acquisition represents the largest takeover of a financial institution by a Wall Street bank in over 10 years, and is part of CEO James Gorman's long-term strategy.
Les mer »
The Deals: APA Nashville Signs '90s Country Stars Doug Stone & Terry McBride, Exactuals Acquires BacklashA list of notable music industry deals from the past two weeks, including APA Nashville's signing of country singer-songwriters Doug Stone and Terry McBride and Exactuals' acquisition of Backlash Solutions.
Les mer »
Amazon Nabs Sundance Doc 'Time' for $5 Million (Exclusive)The deal marks the latest in a string of high-priced Sundance doc acquisitions, led by Apple's $12 million buy of Grand Jury Prize winner 'Boys State.'
Les mer »