LendingClub, a US-based online lending platform that connects borrowers and investors, has completed the acquisition of Radius Bancorp.

This development comes after LendingClub recently secured all the regulatory approvals to acquire the Massachusetts-based banking group.

LendingClub agreed to buy Radius Bancorp and its wholly-owned subsidiary Radius Bank in cash and stock deal worth $185m, back in February last year.

LendingClub and Radius Bancorp business combination has created the first public neobank in the US.

The acquisition brings together the strengths of two digital innovators with a digital-first, branchless approach to banking.

The additional details of the acquisition will be divulged by LendingClub during its fourth quarter and full-year 2020 results announcement.

LendingClub CEO Scott Sanborn said: “This is a historic day for LendingClub and a true watershed moment for the industry.

“The move to digital-first banking is accelerating, and we are now positioned to capture that trend to grow our membership base, to more deeply engage with our existing three million members, and to help them keep more of what they earn and earn more on what they keep.

“By bringing together the unique assets of these two industry-leading businesses we can build on our history of improving the financial health of everyday Americans while significantly accelerating our growth trajectory.”