Why Lending Club’s acquisition of Radius Bank is a smart deal
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 LendingClub, 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 .
With Radius Bank’s APIs—and fintech relationships—LendingClub takes a big step forward towards becoming a multi-line platform, and not just a multi-line bank. Even with regulatory approval, however, LendingClub isn’t looking at a “build it and they will come” environment.said LendingClub surveyed its members and found that 90% would consider switching to the company as their primary bank.LendingClub’s number seems way out of the realm of reason. That said, it might not even matter. After all who switches banks any more? Consumers just add new accounts and transfer money back and forth.their checking accounts with value-added services.
LendingClub will also have to continue to attract a more affluent customer base. This is an issue that plagues a number of neo/challenger banks,
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