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LendingClub Announces Acquisition Of Radius Bank

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LendingClub Corporation (NYSE:LC), America’s largest online lending marketplace connecting borrowers and investors, today announced that it has signed a definitive agreement to acquire Radius Bancorp, and its wholly owned subsidiary Radius Bank, (together “Radius”) recently voted the nation’s best online bankin a cash and stock transaction valued at $185 million. Combining Radius and LendingClub will create a digitally native marketplace bank at scale with the power to deliver an integrated customer experience, enabling consumers to both pay less when borrowing and earn more when saving.

Radius is a leading online bank founded in 1987 and based in Boston, MA, with more than $1.4 billion in diversified assets. It is known for its award-winning, branchless digital banking platform that combines state-of-the-art technology with the best checking and savings account features to provide a superior banking experience for consumers and small businesses. Its platform provides convenient features such as check deposit, bill pay, card management, and a personal financial management dashboard, as well as open APIs to offer “banking-as-a-service” (BaaS) functionality to leading fintechs. In addition, the company offers commercial lending options for businesses, and treasury management services for pension funds, unions, municipalities, and non-profit organizations.

LendingClub is the number one provider of personal loans in the country, facilitating more than $12.3 billion in loans in 2019. With a proven 14-year track record of improving customers’ financial health, the company has helped its over three million members to save money versus their high interest credit card debt.

“This is a transformational transaction that allows us to reimagine banking in a way that is free from legacy practices and systems and where the success of LendingClub is aligned with the success of our customers,” said Scott Sanborn, CEO of LendingClub. “By combining with Radius, we will create a category-defining experience for our members that will dramatically enhance the resilience and earnings trajectory of our business.”

“LendingClub has always been a fintech innovator, and I look forward to leveraging the strengths of both of our talented teams as we usher in a new era in banking,” said Mike Butler, Radius’ President and CEO. “We are excited for our employees to operate our virtual banking platform with more resources and for our clients to gain access to an industry-leading lending product. This is a perfect marriage, with LendingClub bringing the leading digital asset generation platform, and Radius contributing a leading online deposit gathering platform, to position the combined company for long-term success.”

Additional compelling strategic and financial benefits of the transaction include that it will:

  • Diversify and increase earnings by capturing the sizeable revenue opportunity that is currently being absorbed by issuing banks, reducing the use of high-cost warehouse lines, and generating additional and recurring net interest income;
  • Enhance resiliency over the economic cycle by offering a source of low-cost, stable funding;
  • Deliver regulatory clarity through a direct relationship with a primary regulator;
  • Attract new members through the addition of banking services that leverage LendingClub’s marketing strength;
  • Offer new products, services and resources through an expanded BaaS offering to better serve partners; while increasing the cross-sell power for Radius clients to gain access to lending products; and
  • Increase engagement with existing LendingClub members to help them manage their cash flow and earn savings, while generating more data to inform underwriting and help consumers progress on a path to better financial health.

The combined entity expects to be substantially accretive with a cash payback of the purchase price premium and all costs in two years. The purchase price is subject to certain adjustments set forth in the definitive agreement, and the transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the next twelve to fifteen months with benefits starting to materialize immediately after close.

Further, to facilitate compliance with federal banking regulations and prevent closing of the Radius acquisition being delayed or disrupted, the LendingClub Board of Directors has adopted a Temporary Bank Charter Protection Agreement, also known as a stockholder rights agreement, and approved a dividend distribution of one purchase right for each outstanding share of the Company’s stock as of March 19, 2020. The agreement is intended to deter stock positions in excess of certain thresholds set forth by the Federal Reserve under the Bank Holding Company Act. Specifically, it provides for the dilution of any person or group of persons who acquire:

(i)  25 percent or more equity interest in LendingClub or
(ii)  7.5 percent  or more of any class of LendingClub’s voting securities. This threshold automatically increases to 10 percent as set forth in the agreement.

Anyone already above such thresholds is grandfathered in at their current levels. The agreement is effective immediately and will automatically expire on either the closing of the Radius acquisition or after 18 months, whichever is earlier.

Additional details on acquisition of Radius, including the Temporary Bank Charter Protection Agreement, will be contained in a Current Report on Form 8-K that LendingClub will be filing with the Securities and Exchange Commission on Wednesday, February 19, 2020 – available on the SEC’s website at www.sec.gov.

 

SOURCE LendingClub Corporation

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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.

Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.

“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”

“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”

For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  

About ICIS

ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.

Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.

ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.

About RELX

RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.

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Bybit Web3 Announces “Mantle Sharding With Ethena” Campaign

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DUBAI, UAE, March 28, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, is thrilled to announce a campaign in collaboration with Mantle Network: Mantle Sharding With Ethena. This exciting event offers $MNT holders the opportunity to earn a share of a massive 2.5 billion Ethena Shards.

Lock In $MNT and Earn mShards

The official lock-in period for the Mantle Sharding With Ethena campaign runs from March 27, 2024, 10:00 AM UTC to April 26, 2024, 10:00 AM UTC. During this time, Bybit Web3 users can lock in their $MNT tokens to earn coveted mShards. These mShards, fully backed by the Mantle Treasury, can be later redeemed for Ethena’s native token, $ENA.

Maximize Your Rewards and Trade mShards Across DeFi dApps

For maximum reward potential, users are encouraged to keep their $MNT locked throughout the entire campaign period. Rewards are dynamically calculated and updated in real-time based on the total amount of $MNT locked per second by all participants.

Bybit Web3 is proud to be the first ecosystem to enable the trading of Ethena Shards in the form of mShards across various DeFi dApps. This integration marks a significant milestone for Mantle Ecosystem, paving the way for further exciting developments.

Don’t miss this opportunity to earn substantial rewards and contribute to the growth of the Mantle and Ethena ecosystems. For full details and participation instructions, please visit:

https://announcements.bybit.com/en/article/limited-time-offer-lock-in-mnt-and-grab-your-share-of-2-500-000-000-ethena-shards–blt66c8da8bd86d0910/

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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Banxso Innovates Financial Freedom with Liquid Interest Rates and Dual Investment Channels

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CAPE TOWN, South Africa, March 28, 2024 /PRNewswire/ — In an unprecedented move within the financial sector, Banxso, a pioneering online trading platform, has announced the launch of its innovative financial product offering consumers unparalleled flexibility with their investments. The platform is set to revolutionize the way South Africans manage their money by offering liquid interest rates on deposits coupled with the unique ability to invest in a diverse array of products.

With an attractive interest rate of 8.7% on client deposits, Banxso is not only positioning itself as a competitive player in the financial services industry but is also redefining investment flexibility. This interest will be directly deposited into clients’ trading accounts, allowing them to further leverage their earnings in the trading market.

A New Era of Financial Flexibility

What sets Banxso apart is the liquidity of its investment model. Clients have the freedom to access their funds at any time, breaking the traditional barriers that often lock investors into fixed terms. This fluid approach to financial management ensures that clients can respond to market changes swiftly, without the constraints of their investments being tied up.

Moreover, Banxso introduces a groundbreaking dual investment channel, enabling clients to simultaneously earn interest on their deposits while actively trading with the same funds. This innovative feature allows clients to maximize their financial potential without having to choose between earning a passive income through interest rates and engaging in active trading.

Empowering Investors with Choice and Control

“Banxso is dedicated to empowering our clients with more control over their financial future,” said Manuel De Andrade – COO of Banxso. “Our unique offering signifies a shift towards more dynamic and flexible financial planning, where our clients don’t have to compromise on their investment strategy. With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

This dual investment approach implies that clients no longer need to navigate the often-difficult choice between securing high interest rates on savings and participating in the potentially lucrative trading market. Banxso’s model is designed to facilitate financial growth and flexibility, making it an attractive option for both seasoned investors and those new to the trading scene.

Setting the Stage for Financial Innovation

Banxso’s innovative financial model is poised to set a new standard in the industry, offering a holistic approach to investment that caters to the diverse needs of today’s investors. By integrating competitive interest rates with a flexible trading system, Banxso is not just a platform for investment; it’s a partner in financial growth.

As Banxso rolls out this unique service, the platform is ready to welcome clients seeking to maximize their investment potential in a flexible and dynamic environment. With Banxso, financial freedom is not just a concept; it’s a reality.

About Banxso

Banxso is a cutting-edge online trading platform based in Cape Town, South Africa, designed to offer a comprehensive suite of financial services and products. With a focus on innovation, transparency, and customer empowerment, Banxso aims to redefine the online trading experience, providing clients with the tools and opportunities necessary to achieve their financial goals.

For more information on Banxso’s offerings and how to take advantage of the liquid interest rates and dual investment channels, visit banxso.com.

Media Contact details:
Manpreet Singh
[email protected]
+16465064978

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