LendingClub Bank
“Can a chartered marketplace bank dominate consumer credit by combining proprietary underwriting with deposit-funded balance sheet and embedded point-of-sale distribution?”
Founded2007
HQSan Francisco, CA
Latest roundPublic (NYSE: LC)
IndustryFintech / Lending
The story
LendingClub launched in 2007 as the original peer-to-peer consumer lending marketplace and went public in 2014. After regulatory and governance turbulence in the mid-2010s, it pivoted decisively by acquiring Radius Bancorp in February 2021 — becoming the first public U.S. neobank and combining its lending engine with a deposit-funded bank balance sheet. The current chapter is balance-sheet-funded consumer credit (personal loans, deposits, and now home improvement financing via embedded distribution partners like Wisetack).
Product timeline
2007
LendingClub founded as a peer-to-peer lending marketplace.· pivot
2014
IPO on NYSE under ticker LC.· ipo
2021
Closed acquisition of Radius Bancorp, becoming the first public U.S. neobank with a national bank charter.· acquisition
2021
Radius rebrands as LendingClub Bank.· banking
2025
Announced expansion into the $500B home improvement financing market via partnership with Wisetack.· lending
2026
Began underwriting and originating home improvement loans through Wisetack's network of 40,000+ contractors.· lending
Regulated entities
National Bank Charter (OCC)
US · 2021
LendingClub Bank, National Association
The stack
Banking / BaaS
Lending
LendingClub Personal Loans (in-house)LendingClub TopUp Loan (in-house)LendingClub CleanSweep Line of Credit (in-house)LendingClub Home Improvement Loans (in-house, distributed via Wisetack)LendingClub Business Loans (in-house)DebtIQ (in-house debt management)
Open banking
Sponsor bank
Accounting
Accounting gap: minor