The CEO of LendingClub talks about their pending acquisition of Radius Bank, sharing the backstory and how the new "marketplace bank" will look
It rocked the fintech world. When LendingClub announced they would be acquiring Radius Bank (pending regulatory approval of course) it was a groundbreaking moment for fintech. It was the first time a fintech company had acquired a bank and suddenly the rules were being rewritten. Now, a lot has to happen before the acquisition is complete with some complicated regulatory hurdles to overcome.
Our next guest on the Lend Academy Podcast is Scott Sanborn, the CEO of LendingClub (he was last on the show back in 2016). He is leading this new chapter for LendingClub as they seek to become the first ever “marketplace bank”.
In this podcast you will learn:
An update on their core business.
The mood inside LendingClub today.
Why they decided to do an acquisition instead of apply for a charter themselves.
When they started talking to Radius Bank.
Why they decided not to buy a smaller community bank.
How Scott views the banking-as-a-service side of the Radius Bank business.
How a LendingClub “marketplace bank” will look.
The first product we can expect once the transaction is complete.
The three pillars they are looking to integrate for new products.
Scott’s view on a possible future LendingClub credit card.
Their plans for individual retail investors and how the bank will provide them new opportunities.
How their conversations with regulators have gone to date.
What is next on the timeline in their conversations with regulators.
How the fintech industry should think about LendingClub going forward.
This episode of the Lend Academy Podcast is sponsored by LendIt Fintech USA 2020, the world’s largest fintech event dedicated to lending and digital banking.