Happen’s Digital Banking Push Helps Deposits Jump 18%

LendingClub (operating as Happen Bank) is successfully shifting from a pure-play peer-to-peer lender into a robust digital bank. The latest data shows a massive 18% jump in deposits, reaching $10.8 billion. This is a critical development for retailers and service providers who rely on third-party financing. When a lender has a surplus of cheap deposits, they have a more stable foundation to fund consumer loans even when the broader economy is volatile. For merchants, this stability is good news. It suggests that Happen remains well-capitalized to continue issuing personal loans—a major source of funding for consumers making large purchases in your stores. The bank is also focusing on its 'LevelUp' programs, which aim to help borrowers improve their credit standing. In the long run, this could lead to a larger pool of qualified applicants for your business as customers work to repair their financial health. While many fintechs are struggling with high interest rates, LendingClub's ability to attract deposits suggests they are a reliable partner for the long haul.

Source: PYMNTS

← Return to the library· Submit a correction