LendingClub said it will rebrand its banking business as Happen Bank, signaling a shift toward a more digitally focused strategy aimed at affluent, tech-savvy consumers.

The new brand reflects the company’s push to position itself as a full-service digital bank for customers with strong credit profiles and above-average income. Happen Bank will target “motivated middle” individuals or consumers with high FICO scores who are increasingly seeking streamlined, mobile-first financial experiences. LendingClub said in a release today.

The move builds on LendingClub’s evolution from a peer-to-peer lending platform into a regulated digital bank following its acquisition of Radius Bank in 2021. The company said the branding aligns with its push for deepen customer relationships and expansion of its suite of banking products. The new brand will roll out this summer, according to the release.

Happen Bank will offer services including personal loans, high-yield savings accounts and financial tools designed to help customers manage and optimize their finances, according to the release. The bank is also expected to emphasize personalized digital experiences and data-driven insights.

ALSO READ: LendingClub’s AI-driven underwriting model yields 40% fewer delinquencies

LendingClub executives said the rebrand is intended to reflect the company’s current capabilities and future direction, and will not affect existing customer accounts or services, the company said.

The rebranding comes as competition intensifies among digital banks and fintech firms targeting higher-income consumers, a segment seen as more profitable due to larger balances and lower credit risk.

Register here for the FinAi Lending Summit, set for Oct. 7-8 in Las Vegas.