LendingClub to buy Radius Bank in $185 million deal

LendingClub, an online personal lender, has agreed to buy U.S. digital lender Radius Bank in a cash-and-stock deal valued at $185 million. The deal is expected to close in 12 to 15 months pending regulatory review.

Why it matters: It’s the first time a U.S. fintech company has bought a regulated bank, though a number have attempted to obtain charters. It'll allow the company "to offer new products to its clients, diversify its earnings and reduce or eliminate the use of institutional funding sources," writes CNBC.