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The statistics highlights LendingClub Corp’s Deposits Volume, reported quarterly from Q1 2021 onwards.
The deposits volume of LendingClub Corp has been increasing over the years. The deposit volume in the fourth quarter was 23.62% more than the deposit volume in the third quarter of 2022. The company witnessed an increase in the volume of deposits from the fourth quarter of 2022 to the first quarter of 2023 by 15.91% respectively.
|Period||2022 Q3||2022 Q4||2023 Q1|
Deposits are funds that clients, including people and corporations, entrust to the bank. These funds are the bank’s major source of liquidity and the foundation for its lending activity.
The number of deposits reflects the bank’s ability to recruit and maintain clients. A greater deposit volume implies a robust client base, which benefits the bank’s reputation and reliability. It demonstrates that clients have faith in the bank’s capacity to protect their cash and deliver the essential financial services.
LendingClub corporation’s deposit business includes sourcing deposits directly from consumer and commercial customers and from third-party marketing channels and deposit brokers. For consumer depositors, it offers high-yield savings accounts, checking accounts and certificates of deposit (CDs). With its FDIC-insured high-yield savings account, members can enhance their savings by earning competitive interest on their entire balance. The company’s checking accounts deliver an award-winning digital experience, customer friendly features, such as ATM fee rebates, no overdraft fees and early direct deposits.
Total deposits as of March 31, 2023 increased $826.3 million, or 13%, sequentially, and $3.2 billion, or 81%, year over year, primarily reflecting growth in online savings deposits. Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 86% of total deposits as of March 31, 2023. LC Bank’s deposits are insured by the DIF of the FDIC up to applicable legal limits. Loans HFI at LC Bank are funded primarily through its deposit base.
About LendingClub Corporation
LendingClub is the top digital marketplace bank in the United States. The company was created in 2006, and it used technology, data science, and a new marketplace model to bring a conventional credit product – the installment loan – into the digital age. As a result, it has grown to become one of the leading suppliers of unsecured personal loans in the United States. It runs the vast bulk of its operations business through LC Bank, as a lender and originator of loans and as a regulated bank in the United States. Since 2007, more than 4 million members have joined LendingClub Corporation to achieve their financial goals.
The financial services industry is highly competitive, rapidly changing, highly innovative, and subject to regulatory scrutiny and oversight. Lendingclub corporation competes with financial services providers such as banks, finance companies and credit unions. It also experiences increased competition from non-bank institutions such as online and marketplace lending companies, as well as from financial services subsidiaries of commercial and manufacturing companies.
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