Radius Bank

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.

Name

Radius Bank

Legal name

Radius Bank

Website

https://radiusbank.com

Company type

Private

Founded year

2006

Operating status

Acquired

Headcount range

51–100 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

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

• Online personal loans
• High-yield savings accounts
• Digital checking accounts
• Auto loan refinancing
• FDIC-insured digital banking

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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%.
2. Interchange Fees: Transaction fees earned on debit card transactions. The company offers 1% cash back on debit purchases, indicating interchange revenue from card transactions.
3. Loan Origination Fees: Origination/processing fees ranging from 0.00% to 8.00% of loan amounts charged on personal loans.
4. Deposit Funding: Customer deposits ($9.7 billion, up 31% year over year) fund loan portfolio and generate net interest income.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Radius BankcoreStrategic or Co-development PartnerLendingClub 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

Direct 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

• Xx.com/RadiusBank
• Facebookfacebook.com/radiusbank
• LinkedInlinkedin.com/company/radius-bank
• Instagraminstagram.com/happenbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Radius Bank