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Fintech

Lending Club and smaller banks in unlikely partnership

More than 200 community banks have signed on to deals with Lending Club despite some inherent risks

Getty Images
Getty Images

For a glimpse of how financial technology is bringing together some unlikely bedfellows, look no further than the partnership between online upstart Lending Club and Rhode Island’s 200-year-old BankNewport.

A traditional community bank with 15 branches around the state, BankNewport turned to Lending Club for help in getting back into unsecured consumer loans, a business it lost to bigger competitors years ago.

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