Behind the LendingClub acquisition of Radius Bank with Steve Allocca and Mike Butler

Welcome to the Tearsheet Podcast. I’m Zack Miller. Last week, LendingClub announced that it would be acquiring Radius Bank. It was exciting news as a large influential fintech player purchased a bank to round out its own balance sheet and provide banking functionality its own customers were asking for. I’m excited because we have Steve Allocca, president of LendingClub and Mike Butler, CEO and president of Radius Bank on the show for an exclusive talk about the reasoning behind the merger and how the combined entity is positioned to scale. We talk about the vision of becoming a marketplace bank at scale, as well as the role of Radius’ banking as a service offering. We talk about what each party brings to the table and the rebundling of financial services. Before we jump into the podcast, I wanted to introduce you to Outlier, Tearsheet’s leading membership program. It’s designed for top fintech and financial service professionals to stay on top daily of the biggest trends, the top companies, and the leaders of this next generation of finance. Get industry briefings by experts like the ones we just hosted on best practices in PR and customer acquisition. Find out more at Tearsheet.co/outlier