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LendingClub Buys Regulated Bank in Historic Transaction

Fintech personal loan company LendingClub is buying Radius Bancorp in a first-of-its-kind deal. So reports CNBC.

dollar 3706548 640smallLendingClub is paying $185 million in stock and cash in order to give it access to cheaper, stable funding. According to the article, this is the first time a U.S. fintech has purchased a bank.

“The transaction is expected to take 12 to 15 months to close and will reach breakeven for the acquirer two years after that, according to LendingClub,” the article reads.

Read the full article from CNBC.

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