LendingClub It is moving its stock market listing as it prepares for a banking rebrand.
Online lender turned full-service bank Announce On Tuesday (June 2) it will change its listing from the New York Stock Exchange (NYSE) to the Nasdaq as it rebrands from LendingClub to Happen Bank.
“We were founded on the belief that technology could make lending better — and it worked.” Scott SanbornLendingClub CEO said in a press release.
“We have since evolved beyond lending into a diversified digital bank that combines deposits, lending and a capital-light market model. Just as the Happen Bank brand better reflects everything we do for our members, our move to Nasdaq better reflects the technology and innovation that has always been part of our DNA.”
The statement added that the company will begin trading on the Nasdaq index on June 22 under the new ticker symbol HAPN.
Company Announce the rebranding In April, the name “Happen Bank” was designed to signify action, progress and forward momentum.
Advertisement: Scroll to continue
LendingClub started out as a peer-to-peer lending platform in 2006 before acquiring Radius Bank in 2020. Speaking with PYMNTS CEO Karen Webster last year, Sanborn said the acquisition of the bank was a A decisive strategic step To help consumers make what he called “smart financial decisions” and transform company operations into a comprehensive financial system.
In a recent conversation with Webster in April, Sanborn said he had been pushing for LendingClub to change its name for 10 years, including when speaking to the board that ended up appointing him as CEO.
“True story: literally during the interview process,” Sanborn said. I said: The name is Very limited It is very transactional.
He added that the company is focused on a “very specific customer,” a group he calls Sanborn “motivating middle” Consumers with high incomes and high credit scores, but still active users of credit and financial instruments.
“They are not at the bottom of the underserved market, nor are they private banking clients,” the report said. “They’re people managing real cash flow, paying down debt, and the part Sanborn likes to highlight, which is building an average of $19,000 in savings on the platform after working on their borrowing.”
Webster asked Sanborn whether the rebranding represents a departure from the company’s initial mission of reshaping consumer banking.
“The kernel of what we set out to do is still there,” he said. “It now extends to everything we touch.”
