Investment advisors at BlackRock will invest up to $1 billion into marketplace programs run by a California-based fintech firm.
The San Francisco-based LendingClub Corporation, which offers a suite of deposit and loan products, bought Radius Bank in 2020 for $185 million in cash and stock, becoming one of the first fintechs to acquire a national banking charter.
Clarke Roberts, LendingClub’s senior vice president, says the new deal with BlackRock is an “exciting step forward” for the financial services firm.
“It also validates the strength of our underwriting, the effectiveness of our marketplace programs, and the trust we’ve earned as a counterparty of choice in this asset class. We want to thank BlackRock for their collaboration and execution, and we look forward to growing this partnership
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