Lending Firm

What Lending Firm does

Happen Bank, N.A. (formerly LendingClub) is a U.S. nationally chartered digital bank headquartered in San Francisco, operating as a wholly-owned subsidiary of publicly traded Happen, Inc. (NYSE: LC). The company was founded in 2007 as a peer-to-peer lending marketplace, completed its IPO in 2014, obtained a national bank charter in 2018, acquired Radius Bancorp in January 2021, and rebranded from LendingClub to Happen Bank in 2025 to reflect its evolution into a full-service digital bank.

The company operates a digital banking and lending platform distributed via self-serve web and mobile applications, serving over 5 million members nationwide with more than $100 billion borrowed cumulatively. Core products include fixed-rate unsecured personal loans ($1,000–$75,000, APR 5.96%–35.96%, terms 24–84 months), auto loan refinancing ($5,000–$55,000), LevelUp Checking (1.00% APY, ATM fee rebates, cash back rewards), LevelUp Savings (4.00% APY tiered rate), a line of credit product (CleanSweep), additional funds refinancing (TopUp Loan), and small business loans ($5,000–$250,000) originated through a partnership with Accion Opportunity Fund. Supporting tools include the DebtIQ credit-aggregation dashboard and Early Payday feature. The technology stack emphasizes automated loan decisioning (76% of offers in under a minute) and rapid funding (64% of approved loans disbursed within 24 hours).

Revenue is generated through a mix of interest income on personal and auto loans, origination fees (0.00%–8.00%), deposit spread economics on LevelUp Checking and Savings balances, and referral fees from the Accion small business loan channel. The business operates with FDIC-insured deposits and Equal Housing Lender designation, and distribution is entirely digital with no branch network. The company serves two primary customer segments: individual borrowers seeking debt consolidation, credit card refinancing, home improvement, and major purchase financing; and digital banking customers seeking higher-yield deposits and rewards. Secondary segments include auto loan refinance customers and small business owners. The platform is restricted to U.S.-based customers.

Name

Lending Firm

Legal name

Happen Bank, N.A.

Website

https://lendingclub.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Happen Bank (formerly LendingClub) is a U.S. nationally chartered digital bank offering personal loans, auto refinancing, and FDIC-insured deposit products (LevelUp Checking and Savings) to over 5 million consumer members nationwide via web and mobile channels.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Sales Financing (522220)

SIC

Personal Credit Institutions (6141), National Commercial Banks (6021)

akta.pro primary industry

Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment) (FSAKAAAK)

Keywords

• Digital banking services
• Personal lending
• Auto loan refinancing
• High-yield savings
• Consumer credit products

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Personal Loan Interest: Interest income from personal installment loans ranging from $1,000 to $75,000 with APRs from 5.96% to 35.96% and origination fees of 0.00% to 8.00% of loan amount.
2. Auto Loan Refinancing: Interest and fee income from refinancing existing auto loans. Loans range from $5,000 to $55,000.
3. Business Loans: Revenue from business loans originated through partnership with Accion Opportunity Fund ($5,000-$300,000 for businesses with $50,000+ annual sales). Happen Bank receives referral compensation.
4. Deposit Account Fees: Fee income from deposit accounts including checking and savings. LevelUp Checking and Savings charge no monthly maintenance fees but generate income through loan origination when customers use banking for loan applications.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Happen Bank (formerly LendingClub) is a digital banking and lending platform offering fixed-rate personal loans ($1,000-$75,000), high-yield savings accounts (up to 4.00% APY), reward-bearing checking accounts, auto loan refinancing, and small business loans. The platform combines lending and deposit products in a unified mobile and web experience with cash-back rewards tied to on-time customer loan payments.

Product overview

Happen Bank (formerly LendingClub) operates as a digital banking and lending platform offering a suite of financial products. The core offering centers on Personal Loans (fixed-rate unsecured loans from $1,000 to $75,000), complemented by deposit products including LevelUp Checking (reward-based checking with cash back) and LevelUp Savings (high-yield savings with up to 4.00% APY). Additional lending products include Auto Refinancing, TopUp Loan (additional funds for existing borrowers), CleanSweep Line of Credit, and Business Loans. The platform also provides financial tools such as DebtIQ (debt tracking dashboard), Early Payday (early direct deposit access), and a Mobile App for account management. Products work together through cross-sell opportunities (e.g., loan payment cash back rewards, integrated banking and borrowing experience) and are available via web and mobile channels.

Differentiator

Problem solved

Functional benefit

Brands

• LevelUp Savings: High-yield savings account with up to 4.00% APY offering tiered rewards based on deposit activity.
• LevelUp Checking
• DebtIQ
• TopUp Loan
• CleanSweep
• Founder Savings

Products and services

• Personal Loans Fixed-rate unsecured personal loans from $1,000 to $75,000 with terms of 24 to 84 months, APRs of 5.96% to 35.96%, and origination fees of 0.00% to 8.00%. Used by individual consumers for debt consolidation, credit card refinancing, home improvement, and other major purchases.
• LevelUp Checking Digital checking account with no monthly maintenance fees, no minimum opening deposit, unlimited ATM fee rebates, 1.00% APY on balances of $2,500 or more, 1% cash back on eligible debit card purchases (grocery, gas, pharmacy), and 2% cash back on on-time personal loan payments.
• LevelUp Savings High-yield savings account with no minimum opening deposit and no monthly maintenance fee. Offers 4.00% APY LevelUp Rate when $250 or more in deposits are received during evaluation period, otherwise 3.00% APY Standard Rate.
• Auto Refinancing Auto loan refinancing service that helps borrowers replace existing auto loans with new loans of $5,000 to $55,000 to potentially lower monthly payments, with average borrower savings of $2,500 in interest charges.
• Business Loans Business financing ranging from $5,000 to $300,000 for U.S.-based businesses with at least $50,000 in annual sales and 12 months in operation, used for working capital, debt consolidation, equipment, inventory, and marketing.
• Business Loans via Accion Opportunity Fund Small business loans offered through partnership with Accion Opportunity Fund, providing $5,000 to $250,000 with fixed monthly payments, 1-3 year terms, no prepayment penalties, dedicated client advisor support, and availability in English and Spanish.
• CleanSweep Line of Credit Revolving line of credit that allows borrowers to make charges and payments against a set borrowing limit, paying interest only on outstanding balances, intended for managing and paying down credit card debt.
• Certificate of Deposits Time deposit accounts with fixed terms and guaranteed returns, available through personal deposit account offerings alongside LevelUp Savings and LevelUp Checking.

Quantifiable outcome

• Personal loan rates up to 17% lower than average credit card APR (20.97%)
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Accion Opportunity FundcoreChannel Partner/ Reseller/ DistributorPartnership provides small business loan products ($5K-$250K) through Accion Opportunity Fund. Happen Bank refers customers seeking business loans to AOF, which processes and funds the loans. AOF provides dedicated client advisors, fixed monthly payments, 1-3 year terms, and no prepayment penalties. Available in English and Spanish.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Marcus by Goldman Sachs: Goldman Sachs' consumer banking arm offering personal loans and high-yield savings. Competes head-to-head with Happen Bank on both lending and deposit products targeting mass-affluent consumers.
• Upgrade: Direct competitor offering personal loans, lines of credit, and high-yield savings. Comparable loan size range, credit profile targeting, and digital onboarding funnel.
• Best Egg: Personal loan provider focused on debt consolidation and home improvement loans with similar APR ranges. Competes in the same unsecured consumer loan segment.
• Upstart Holdings: AI-driven personal loan marketplace partnering with bank originators. Targets similar unsecured personal loan borrowers with tech-forward underwriting, comparable to Happen Bank's digital-first model.
• SoFi Technologies: Direct neobank competitor offering personal loans, high-yield savings, checking, auto refinancing, and integrated rewards. Closely comparable product suite and target member base to Happen Bank.
• Earnest (formerly part of Navient): Online lender offering personal loans and student loan refinancing. Targets similar digitally-native, credit-conscious consumer segment as Happen Bank.
• Prosper Marketplace: One of the original peer-to-peer personal lending platforms alongside LendingClub. Offers fixed-rate personal loans to consumers with a similar borrower profile and use-case mix.
• Rocket Loans (Rocket Companies): Online personal loan provider owned by Rocket Companies, competing in similar loan sizes and use cases including debt consolidation and home improvement.

Broad incumbents

• LightStream (Truist): Truist's online consumer lending division offering personal loans up to $100K. Overlaps with Happen Bank's personal loan range and digital distribution model but operates within a much larger incumbent bank.
• Discover Personal Loans: Established bank offering personal loans as part of a broader credit card and banking portfolio. Comparable unsecured personal loan product for debt consolidation, backed by a much larger deposit base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/happenbank
• Facebookfacebook.com/happenbank
• LinkedInlinkedin.com/company/lending-firm
• Instagraminstagram.com/happenbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 Lending Firm