LendingClub explores path around crypto after Radius acquisition - Bloomberg

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LendingClub (NYSE:LC) explores a path around cryptocurrencies as it's working to launch more traditional financial products, the company told Bloomberg Wednesday.

“Look, the customer demand is there, but my view -- our view -- is if you’ve got $15,000 in credit-card debt, the thing you should do with your next $500 is not buy a speculative asset,” CEO Scott Sanborn told Bloomberg TV in an interview. “We recognize we could be leaving some consumer demand on the table.”

Following its acquisition of Radius Bancorp, LendingClub (LC) has expanded its offerings with not a lot of room for a crypto initiative, Sanborn noted. “I don’t want to get distracted,” he told Bloomberg. “Back half of the year, into next year, we’ll be focusing on the mobile-banking experience.” Furthermore, “we have a really good use of our capital right now, which is putting it in the balance sheet. I know what that return is -- it’s really high -- and it’s really straightforward. But as we fully mature into that, we’re certainly going to be generating a lot of capital.”

Rival consumer platforms such as Affirm Holdings (NASDAQ:AFRM), PayPal's (NASDAQ:PYPL) Venmo, and Block's (NYSE:SQ) Cash App are either working on or already are offering digital asset options.

In January, LendingClub got a Buy rating at Seaport.