LendingClub buys Radius Bank for $185mn

FinTech LendingClub will acquire Boston-based digital lender Radius Bank.

In Brief:

• 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.

Read more here.