Happen, Inc.
happen.comWhat Do They Do?
Makes consumer loans and provides checking and savings accounts to consumers, and originates loans for small businesses that it sells to institutional investors.
10-K for FY2025, filed Feb 12, 2026LendingClub operates a leading nationally chartered digital bank focused on serving a large and underserved segment of creditworthy U.S.…View ↗
Our commercial lending business is primarily focused on small businesses, and we participate in the U.S. Small Business Administration…View ↗
Our deposit business includes sourcing deposits directly from customers and from third-party marketing channels and deposit brokers. For…View ↗
Our consumer loans are either retained by LendingClub Bank or sold to marketplace investors through our innovative and proprietary loan…View ↗
How Do They Make Money?
Borrowers pay origination fees when loans are made, and the bank earns interest over the term of loans it keeps. For loans sold to investors, it receives servicing fees over the life of those loans.
10-K for FY2025, filed Feb 12, 2026Net interest income. Interest earned on loans retained on our balance sheet, less interest paid on deposits and other interest-bearing…View ↗
We elected to account for loans held for sale (HFS) under the fair value option. Revenue from HFS loans includes origination fees…View ↗
Since becoming a bank in 2021 through 2025, loans originated as held for investment (HFI) were, and we expect will continue to be…View ↗
Origination Fees: Fees charged to borrowers in connection with the origination of loans that are held for sale.View ↗
Servicing Fees: The Company receives servicing fees to compensate it for servicing loans on behalf of marketplace investors, including…View ↗
-
10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by product or service ↗
$998.8M
-
10-K for FY2025, filed Feb 12, 2026
$998.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Financial Service
|
86%
FY2022: 86%
|
Financial Service, FY2025
$372.8M Sources
|
|
|
Servicing fees
Recurring
10-K for FY2025, filed Feb 12, 2026 |
14%
FY2022: 14%
|
Servicing fees, FY2025
$59M Sources
|
Recurring |
Who Are Their Customers?
Consumers find loans through the website, app, and partner merchants, and depositors are sourced directly and through marketing channels or brokers. Small businesses come through business relationships; investment firms and insurers buy loans on the marketplace.
10-K for FY2025, filed Feb 12, 2026Our sales and marketing efforts are designed to efficiently attract and retain members and support member satisfaction. We attract members…View ↗
Major Purchase Finance. Unsecured, fixed-rate, and fixed-term consumer loans that help borrowers manage larger planned expenses such as…View ↗
Our commercial lending business is primarily focused on small businesses, and we participate in the U.S. Small Business Administration…View ↗
Our deposit business includes sourcing deposits directly from customers and from third-party marketing channels and deposit brokers. For…View ↗
Our consumer loans are either retained by LendingClub Bank or sold to marketplace investors through our innovative and proprietary loan…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 14 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.9B.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$58.1MView ↗
- ▲ +52%
- vs $38.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 22% in 4 years, from $818.6M in FY2021 to $998.8M in FY2025, about 5% a year.
Home improvement lending
The older report lists patient and education finance among its consumer loan products; the latest describes major-purchase financing and plans to add home improvement loans through retail merchants and contractors.
10-K for FY2022, filed Feb 9, 2023 10-K for FY2025, filed Feb 12, 2026Our primary loan products include unsecured personal loans, secured auto refinance loans, and patient and education finance loans (Consumer…View ↗
Major Purchase Finance. Unsecured, fixed-rate, and fixed-term consumer loans that help borrowers manage larger planned expenses such as…View ↗
Loading...
