LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) vs Upstart
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
LendingClub wins on funding stability via its bank charter; Upstart wins on partner-bank reach for pure AI underwriting.
At a glance
| Metric | LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) | Upstart |
|---|---|---|
| Revenue | ~$998.8M (FY2025 total net revenue, actual) | $1.0B (FY2025) |
| Profit | Profitable; Q1 2026 net income $51.6M (vs $11.7M YoY) | $53.6M (FY2025 GAAP net income) |
| Active users | 5M+ Members | 1.5M loans originated (FY2025) |
| Employees | ~1,400 | ~1,500 |
| Founded | 2006 | 2012 |
| HQ | San Francisco, CA | San Mateo, USA |
LLitmus Framework Score
Overall: LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) 90 · Upstart 80
Customer Segment
93
82
Value Proposition
91
85
Marketing Channel
88
78
Engagement
85
70
Income Source
94
80
Asset Validation
96
84
Core Operations
87
80
Strategic Alliance
84
82
Expense Validation
89
78
LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) leads 9 modules, Upstart leads 0. Overall edge: LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026).
Head to head
| Dimension | LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) | Upstart |
|---|---|---|
| Bank charter | Yes (Radius, 2021) | No |
| Funding | Own deposits ($10.2B) | Institutional / partner banks |
| Core revenue | Net interest income (~65%) | Origination/referral fees |
| Distribution | Direct to consumer | 100+ partner banks |
| Cyclicality | Smoothed by hold-or-sell | Highly funding-sensitive |
FAQ
Is LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) or Upstart a better business?
LendingClub wins on funding stability via its bank charter; Upstart wins on partner-bank reach for pure AI underwriting. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) and Upstart's business model?
LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) operates in Fintech / Banking (America’s leading digital marketplace bank), while Upstart is Fintech (AI lending that expands access to credit). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026) or Upstart?
LendingClub (renamed Happen, Inc. / Happen Bank, N.A. as of June 22, 2026): Profitable; Q1 2026 net income $51.6M (vs $11.7M YoY). Upstart: $53.6M (FY2025 GAAP net income).