Sanborn says that , at a customer level , LendingClub makes significant monthly savings on outgoings . “ On average , we ' re saving customers about $ 80 a month versus their car loan . Imagine – you drive the same car , pay it off in the same time frame , but have $ 80 more a month in your pocket .”
Expanding financial services through M & A Clearly , the formula is working . To date , the fintech has helped more than four million customers and is the US market leader in one of the fastest-growing categories of lending : credit .
In 2021 , LendingClub also bought into the banking sector through its acquisition of Radius Bank , where it obtained their bank charter . This event has seen the company expand significantly , transforming its identity within the fintech industry . So , is it a fintech , a digital bank , or something else entirely ?