BlackRock, the world’s largest asset manager, is investing a whopping $1 billion in LendingClub, a California-based fintech company.
LendingClub’s Big Win
This massive investment will go towards LendingClub’s marketplace programs. LendingClub, based in San Francisco, offers various loan and deposit products. They cleverly acquired Radius Bank in 2020, becoming one of the first fintechs to own a national banking charter.
LendingClub’s senior vice president, Clarke Roberts, is thrilled about the deal, calling it a “major step forward.” He highlighted the investment as validation of LendingClub’s loan underwriting, marketplace programs, and overall trustworthiness.
The Numbers
Since launching its structured certificates programs in 2023, LendingClub has already sold nearly $6 billion in loans. While LendingClub’s stock (LC) is slightly down in the last 24 hours, it’s seen a significant 28% increase over the past month. BlackRock’s stock (BLK) also saw a positive bump, rising nearly 1% on Wednesday and over 4% in the last 30 days.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing.