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Happen Bank Tops $10 Billion in Personal Loans Sold via HAPS and LENDR
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Happen Bank, the digital bank subsidiary of Happen, Inc. (HAPN ), announced on September 30, 2026 that it has crossed $10 billion in personal loans sold through its proprietary structured loan certificates programs, HAPS and LENDR. The bank, formerly known as LendingClub Bank, said the two programs expand investor access to its loans while providing the company with a flexible, scalable source of marketplace funding.
HAPS launched in April 2023 and LENDR followed in June 2025. The company said the milestone reflects sustained demand for its personal loan assets, with existing marketplace investors increasing their purchases and new marketplace investors continuing to join the platform. Together, the company said, the programs enhance its ability to match assets with committed funding and to balance marketplace loan sales with balance sheet growth.
How HAPS and LENDR Are Structured
HAPS, formerly known as SLCLC, is a two-tranche private securitization in which Happen Bank retains the senior note and sells the residual certificate on a pool of loans to a marketplace investor at a predetermined price, a structure the bank said effectively provides built-in financing. On the investor side, the company said marketplace investors earn compelling levered returns with low friction and low-cost financing on a liquid security, while Happen Bank earns what it described as an attractive yield with remote credit risk.
LENDR was built on the earlier program. It offers multiple note tranches, each carrying a credit rating from Fitch, and is designed for investors seeking an investment grade rating to invest in Happen Bank’s personal loan asset class, the company said. The bank said LENDR further diversifies its marketplace funding and expands its ability to place loans efficiently across market conditions.
“Structured certificates, which are uniquely enabled by our bank status, allow us to provide investors with attractive, streamlined financing and efficient access to the asset class across changing market conditions,” said Clarke Roberts, Senior Vice President, General Manager, Marketplace at Happen Bank. Roberts said crossing $10 billion through the programs in just over three years speaks to the value of these types of structures for investors, adding that Happen Bank was the first in the industry to offer both high-quality personal loans and streamlined financing at scale.
The company said that across its 20-year history the bank has offered industry-first product structures intended to expand investor access to consumer credit, broaden distribution, and improve liquidity for investors.
Marketplace Volumes in Second-Quarter Results
In its second-quarter 2026 results, reported on July 27, 2026, Happen, Inc. detailed the origination, sale, and servicing volumes behind its marketplace bank model. Total loan originations reached $3.1 billion in the quarter ended June 30, 2026, up 29% from a year earlier. Of current-period originations, $2.039 billion were sold or held for sale during the quarter, compared with $1.702 billion in the same quarter of 2025, while $1.107 billion were held for investment.
The company recorded gain on sales of loans of $21.461 million in the second quarter of 2026, compared with $13.540 million a year earlier. As of June 30, 2026, its total servicing portfolio stood at $14.596 billion, including $8.231 billion of loans serviced for others. Total assets were $12.5 billion and deposits were $10.8 billion, both as of June 30, 2026. The company’s stated full-year 2026 outlook calls for loan originations of $12.2 billion to $12.6 billion.
The second quarter of 2026 was the company’s first operating under the Happen Bank brand after rebranding from LendingClub and transferring its stock listing from NYSE: LC to Nasdaq: HAPN in June 2026, the earnings release stated.
The series notes and residual certificates issued through the HAPS and LENDR programs have not been and will not be registered under the Securities Act of 1933 or any state or other jurisdiction’s securities laws, and they may not be offered or sold in the United States absent registration or an applicable exemption, according to the announcement. The bank stated that the release does not constitute an offer to sell or the solicitation of an offer to buy the notes, the residual certificates, or any other securities.
