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.
[adinserter block="1"]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 over time.”
LendingClub has sold nearly $6 billion in loans via its structured certificates programs since rolling out the offerings in 2023, according to a press release from the firm.
LendingClub’s stock, LC, is down more than 1% in the past 24 hours but up more than 28% in the past month.
BlackRock, the world’s largest asset manager, saw its stock tick up by nearly 1% on Wednesday. The stock, BLK, is also up more than 4% in the past 30 days.
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