The new Happen Bank brand is available now on the company website, mobile app and via customer communications and advertising, the lender said in a news release Monday (June 22), the same day Happen’s stock began trading on Nasdaq.
“We’ve reached an exciting milestone for our company and for the millions of members we serve,” said Scott Sanborn, CEO of Happen Bank.
“Becoming Happen Bank and now trading on Nasdaq reflects how far we’ve come in building a modern digital bank designed around people’s real financial needs. The Happen Bank brand more clearly reflects the role we play in consumers’ lives: helping people make things happen with products that are smart, transparent, and easy to use.”
The release said Happen Bank’s products are designed to reward members for “positive financial behaviors.”
For instance, members who have a personal loan from the bank can get 2% of their monthly payment in cash back for making on-time payments from their checking account with Happen.
“Whether it’s consolidating debt, building savings, improving their credit, or planning for what’s next, we clear the way for our members to make meaningful progress and we reward their positive financial behaviors along the way,” said Mark Elliot, the bank’s chief customer officer.
The company announced its plans to rebrand in April, saying the name “Happen Bank” is meant to denote action, progress and forward momentum.
Speaking with PYMNTS CEO Karen Webster soon after, Sanborn said he has been lobbying for LendingClub to change its name for 10 years, including during a conversation with the board that would ultimately hire him as chief executive.
“True story: literally in the interview process,” Sanborn said. “I said, ‘The name is very limiting and it is very transactional.’”
He added that the company focuses on a “very, very specific customer,” a cohort Sanborn referred to as “motivated middle” consumers who have high income and credit scores, but still actively use credit and financial tools.
“They’re not the underserved bottom of the market and they’re not private banking clients,” the report said. “They’re people managing real cash flows, paying down debt, and the part Sanborn likes to highlight, building up an average of $19,000 in savings on the platform after working through their borrowing.”
