FinTech LendingClub will acquire Boston-based digital lender Radius Bank.
The deal is worth $185mn in cash and stock.
LendingClub had its IPO in 2014 and was valued at $8.5mn.
It wants to reestablish itself in the market as a fully fledged bank.
What does this mean?
Radius is a smaller lender which wants to team up with FinTechs who need to work with a regulated institution. This deal marks the first purchase of a bank by a FinTech.