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LendingClub reported Wednesday (March 10) as part of its fourth quarter earnings results that originations climbed 56 percent quarter over quarter, exceeding the high end of its guidance range.
“We are encouraged by the continued growth in loan originations with volume above the upper end of our fourth quarter guidance range,” Chief Financial Officer Tom Casey said in the company’s earnings announcement.
As for its overall results, LendingClub reported an adjusted loss of 24 cents per share on $75.9 million in net revenue.
Wall Street was forecasting $77.7 million for LendingClub’s revenues, and losses were anticipated to be approximately 25 cents per share, as PYMNTS previously reported.
The company’s earnings results come weeks after it announced on Feb. 1 that it had closed on its purchase of Radius Bancorp and the company’s digital bank subsidiary, Radius Bank.
In January, the company announced that it had obtained all the regulatory approvals needed to close the $185 million acquisition of Radius Bancorp.
As PYMNTS previously noted, Anuj Nayar, vice president and U.S. financial health officer at LendingClub, said the combination of LendingClub and Radius will create the U.S.’s first publicly traded neobank, with a branchless digital-first strategy to financial services just as the pandemic has made branches close, and banking across digital platforms is gaining critical mass.
In the firm’s Q4 earnings announcement, LendingClub CEO Scott Sanborn said “combining the award-winning digital bank [Radius Bank] with LendingClub’s leading online marketplace provides us with substantial advantages over both traditional banks and FinTech marketplace lenders.”
The executive also noted that “adding deposit capabilities builds on our tech and data advantages as it allows us to better serve our more than 3 million loyal and highly-motivated members and digitally manage their lending, spending and savings.”
Beyond LendingClub, news surfaced this month that Social Finance (SoFi) is purchasing a community bank in California, Golden Pacific Bancorp (GPB), for $22.3 million.
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