In today’s top news in digital-first banking, LendingClub reported that loan originations grew by 63 percent quarter over quarter, while U.S. Bank is rolling out new offerings for special-purpose acquisition companies (SPACs). Plus, companies can now take automated clearing house (ACH) payments via Square Invoices.
LendingClub announced as part of its first-quarter earnings that loan originations increased by 63 percent quarter over quarter. The firm’s financial results followed the purchase of Radius, which is now called LendingClub Bank. LendingClub CEO Scott Sanborn said in the announcement that the firm “had a great start to the year, accelerating personal loan origination growth by leveraging our strategic advantages, including our customer base of three million members, our data and technology capabilities, and our newly acquired digital bank.”
U.S. Bank is launching new offerings for SPACs such as dedicated trust accounts for SPAC proceeds, statements and safe reporting of activity, among other offerings. “Our integrated, end-to-end solutions are designed to meet all your SPAC-specific needs with a single provider,” Christine Waldron, chief global strategy officer at U.S. Bank Global Fund Services, said in an announcement. The news comes as SPACs, which are companies made for the purpose of helping other firms go public without the typical process of an initial public offering (IPO), have seen an increase in popularity during the past year.
Businesses can now harness Square Invoices to accept ACH payments. Square Invoices comes at no cost to Square retailers, according to an announcement, which says that ACH transactions have a 1 percent processing fee with “no hidden fees for failed ACH transactions.” ACH payments on Square Invoices provides an integrated offering to streamline transactions and eliminates the need to harness a different ACH provider, according to Square. Also, Square says that merchants can now use “Bank on File” with ACH payments.
Read More On Digital Banking:
- Transitions In Digital Retail And Consumer Banking
- LendingClub Q1 Loan Originations Grow By 63 Pct
- Forward-Thinking Financial Services Target The Next Generation
- Today In Digital-First Banking: NCR’s Recurring Revenue Increases; GoCardless Introduces Open Banking Feature
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