Radius Bank
Radius Bank was a Boston community bank acquired by LendingClub in 2021 for $185 million; the combined entity, now Happen Bank, is a digital-first US bank serving 5M+ members with personal loans, high-yield savings, auto refinancing, and integrated mobile banking.
- Company typePrivate
- Founded2006
- HeadquartersBoston, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Radius Bank does
Radius Bank was a Boston-based community bank founded in 1987 that was acquired by LendingClub in February 2021 for $185 million to secure a national bank charter — the first such acquisition by a US fintech. The combined entity, rebranded as Happen Bank in 2026, now operates as a digital-first full-service bank serving 5 million+ US members across personal loans ($1,000–$75,000 at 5.96%–35.99% APR), LevelUp Checking and Savings (with 4.00% APY savings tiers and 1%–2% cash-back rewards), auto loan refinancing, business loans, and institutional investing products.
The technology platform is built around a digital banking core with integrated iOS and Android applications (4.8-star App Store rating, 7K+ reviews), a self-serve online application flow with soft credit pulls, and proprietary feature modules including the DebtIQ aggregated financial dashboard, TopUp Loan refinancing, Early Payday direct deposit acceleration, and tier-based LevelUp Savings rate mechanics. Underlying business operations are funded by $9.7 billion in customer deposits (up 31% YoY), supporting a balance-sheet loan portfolio that produced a 5.98% net interest margin in Q1 2025.
The revenue model is anchored in net interest income from balance-sheet lending funded by deposits, supplemented by interchange fees on debit card transactions and loan origination fees (0.00%–8.00%). Q1 2025 revenue reached $221.8 million (+20% YoY) with net revenue of $266.5 million (+23% YoY) and net income of $29.1 million, a swing from a $12.3 million loss in the prior-year quarter. Go-to-market is direct-to-consumer and product-led through digital channels with no physical branch network.
Radius Bank firmographics
Firmographics- Name
- Radius Bank
- Legal name
- Radius Bank
- Website
- https://radiusbank.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Radius Bank was a Boston community bank acquired by LendingClub in 2021 for $185 million; the combined entity, now Happen Bank, is a digital-first US bank serving 5M+ members with personal loans, high-yield savings, auto refinancing, and integrated mobile banking.
- Ownership category
- akta.pro rank
Radius Bank industry classification
Industry- Product category
- Digital Banking and Online Lending
- NAICS
- Commercial Banking (522110)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)
Keywords
Where Radius Bank is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Radius Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: Interest income generated from loans held on balance sheet funded by customer deposits. The company holds loans on its balance sheet secured by a national bank charter obtained through the Radius Bank acquisition. Net interest margin reported at 5.98%.
- Interchange Fees: Transaction fees earned on debit card transactions. The company offers 1% cash back on debit purchases, indicating interchange revenue from card transactions.
- Loan Origination Fees: Origination/processing fees ranging from 0.00% to 8.00% of loan amounts charged on personal loans.
- Deposit Funding: Customer deposits ($9.7 billion, up 31% year over year) fund loan portfolio and generate net interest income.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Personal Loans with APRs from 5.96% to 35.99% |
| Subscription | Monthly | LevelUp Savings with 4.00% APY |
| Subscription | Monthly | LevelUp Checking with cash back rewards |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Radius Bank product offering
Product offeringCore offering
Radius Bank (now operating as part of Happen Bank, formerly LendingClub) is a federally chartered digital bank offering personal loans ($1,000–$75,000), high-yield LevelUp Savings accounts earning up to 4.00% APY, LevelUp Checking accounts with cash-back debit rewards, auto loan refinancing, and business loans. All products are delivered through a digital-first online and mobile platform with FDIC-insured deposits, rate decisions in seconds, and funding in as little as 24 hours.
Product overview
Radius Bank was a San Francisco-based community bank that was acquired by LendingClub in 2021 for $185 million. The acquisition provided LendingClub with a national bank charter, enabling its transition from a peer-to-peer lending platform to a full-service digital bank. Post-acquisition, LendingClub rebranded as Happen Bank and offers personal loans, personal banking (checking and savings accounts), auto refinancing, business loans, and institutional investing products.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Loans Unsecured personal loans ranging from $1,000 to $75,000 with APRs from 5.96% to 35.99% and terms from 24 to 84 months. Funded in as little as 24 hours with rate decisions in seconds and rate checks that do not impact credit scores. Available to individual consumers for debt consolidation, large purchases, home improvements, and emergency expenses.
- LevelUp Savings Account High-yield savings account paying 4.00% APY (LevelUp Rate) when the member receives at least $250 in deposits during the Evaluation Period, otherwise earning a 3.00% APY Standard Rate. No minimum opening deposit required. Available to individual consumers seeking returns up to 10x the national savings average.
- LevelUp Checking Account FDIC-insured digital checking account offering 1% cash back on everyday debit purchases in grocery, gas, and pharmacy categories with direct deposit, plus an Early Payday feature providing direct deposit access up to 2 days early. Available to individual consumers seeking a full-service digital banking relationship.
- Auto Loan Refinancing Auto loan refinancing product enabling vehicle owners to refinance existing auto loans to potentially lower monthly payments and total interest. Average borrower savings of up to $2,500 cited. Available to individual consumers with existing auto loans.
- Business Loans Business loan products available to small businesses through Radius Bank / Happen Bank, supporting small business banking customers.
- Institutional Investing Institutional investment products and services for accredited and institutional investors, offered as part of the broader Radius Bank / Happen Bank product suite.
Quantifiable outcome
- Borrowers save up to 8% on APR when using personal loans to pay down credit card debt
- +4 more outcomes
Companies that use Radius Bank
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Radius Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Radius Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Radius BankcoreLendingClub acquired Radius Bank in 2021 for $185 million to obtain a national bank charter. This strategic acquisition positioned the company as the first fintech to acquire a US-regulated bank, enabling it to hold loans on its balance sheet and offer deposit products with FDIC insurance. The acquisition transformed LendingClub from a peer-to-peer lending platform to a full-service digital bank.
Scale indicators14 records
Recent moves6 records
Expansion highlights6 records
Radius Bank competitors and assessment
Company assessmentDirect peers
- SoFi Technologies: Direct digital bank competitor offering personal loans, checking, and savings accounts with a national bank charter. Most comparable peer given similar product mix and member-based GTM.
- Chime: Direct neobank competitor with a large US deposit base and focus on fee-free checking and savings. Competes head-to-head for the same digitally native banking customer.
- Ally Bank: Digital-first bank with deposit products, personal lending, and auto refinancing. Highly comparable business model with similar integrated loans-plus-banking offering.
- Marcus by Goldman Sachs: Goldman Sachs' consumer banking arm offering personal loans and high-yield savings; directly competes with Happen Bank's core products despite recent pullback in new loan originations.
- Discover Personal Loans: Major originator of personal loans in the US including debt consolidation products, competing directly in the same APR ranges and customer segments.
- Upstart: AI-driven personal loan marketplace that competes with Happen Bank's personal loan products using alternative underwriting data; comparable target customer.
- Rocket Loans: Personal loan and auto refinance lender from the Rocket Companies ecosystem; directly comparable to Happen Bank's personal loan and auto refinance offerings.
Broad incumbents
- LendingTree: Loan marketplace aggregating multiple lenders including personal loans and auto refinance; adjacent business model that both competes and complements direct lenders.
Emerging players
- Varo Bank: Mobile-first nationally chartered bank targeting similar digitally native consumers with checking and savings products; smaller scale but similar regulatory structure.
- Affirm: Buy-now-pay-later and consumer credit provider competing for the same digitally native consumer financing demand; adjacent rather than direct overlap but relevant for share of consumer credit wallet.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Radius Bank social profiles
Digital presenceRadius Bank compliance and trust
Trust signalCompliance1 record
Radius Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Radius Bank leadership team
Management profileNumber of profiles
Profiles6 records
Radius Bank funding detail
Funding detailFunding overview
Funding rounds2 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Radius Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Radius Bank
What does Radius Bank do?
Radius Bank (now operating as part of Happen Bank, formerly LendingClub) is a federally chartered digital bank offering personal loans ($1,000–$75,000), high-yield LevelUp Savings accounts earning up to 4.00% APY, LevelUp Checking accounts with cash-back debit rewards, auto loan refinancing, and business loans. All products are delivered through a digital-first online and mobile platform with FDIC-insured deposits, rate decisions in seconds, and funding in as little as 24 hours.
Is Radius Bank a public or private company?
Radius Bank is a private company. It is classified as corporate owned and is currently acquired.
When was Radius Bank founded?
Radius Bank was founded in 2006. It employs 101 to 250 people.
Where is Radius Bank based?
Radius Bank is headquartered in Boston, United States, in the North America region.
How does Radius Bank make money?
Four revenue lines are on record. Net Interest Income is the primary driver. The others are interchange Fees, loan Origination Fees and deposit Funding.
Who are Radius Bank's main competitors?
Direct peers on record are SoFi Technologies, Chime, Ally Bank, Marcus by Goldman Sachs, Discover Personal Loans, Upstart and Rocket Loans. LendingTree is listed as a broad incumbent. Emerging players are Varo Bank and Affirm.
Does Radius Bank have an API?
No public API is recorded for Radius Bank.
What industry is Radius Bank in?
Radius Bank's product category is Digital Banking and Online Lending. Its primary akta.pro industry code is FSAGAAAD, Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value). Its NAICS code is 522110 and its SIC code is 6021.