- 1LendingClub has rebranded as Happen Bank, a name CEO Scott Sanborn says reflects its consumer role.
- 2LendingClub ended its peer-to-peer model at the end of 2020 and moved into banking by acquiring Radius.
- 3Prosper originated $2.7 billion in 2025; peers funded 5% of loans, down from 7%.
LendingClub has rebranded as Happen Bank, retiring a name from the earliest days of peer-to-peer lending.
Why LendingClub changed its name
CEO Scott Sanborn said the Happen Bank brand better reflects the company's role in consumers' lives, helping people make things happen through products that are smart, transparent and easy to use.
The old name was a leftover from LendingClub's start as a peer-to-peer marketplace, a model it dropped for good at the end of 2020. It then moved into banking by acquiring Radius, a fast-growing digital bank, and has been a bank since. That shift was in many ways the close of the peer-to-peer era for one of fintech's best-known names. The segment was popular through the 2010s, but the original vision gave way to more traditional lending and banking models.
Prosper stays the course
Prosper Marketplace, LendingClub's original rival, took a different path and kept its original model, even though the peer-to-peer share has shrunk. Prosper originated $2.7 billion in consumer loans in 2025, up from $2.2 billion a year earlier. Peers funded only 5% of its loans in 2025, down from 7% in 2024.
Individuals can still log in, browse consumer loans and contribute small amounts in hopes of a return while Prosper services the loans. The company is profitable and marked its 20-year anniversary last year. In that announcement, CEO David Kimball said Prosper has evolved into a comprehensive financial platform offering simple, trusted and affordable solutions.
Source reporting: deBanked.
