LendingClub, the San Francisco-based fintech providing personal loans, has signed a definitive to acquire Boston-based Radius Bank in a cash and stock transaction valued at $185 million.

LendingClub said in a statement that combining with Radius would “create a digitally native marketplace bank at scale with the power to deliver an integrated customer experience, enabling consumers to both pay less when borrowing and earn more when saving.”

Radius is an online bank founded in 1987 with assets of about $1.4 billion. Its branchless digital banking platform combines technology with checking and savings account features for consumers and small businesses. Its platform provides features such as check deposit, bill pay, card management and a personal financial management dashboard, as well as open APIs to offer “banking-as-a-service” functionality to leading fintechs. In addition, the company offers commercial lending options for businesses, and treasury management services for pension funds, unions, municipalities, and non-profit organizations.

“This is a transformational transaction that allows us to reimagine banking in a way that is free from legacy practices and systems and where the success of LendingClub is aligned with the success of our customers,” Scott Sanborn, CEO of LendingClub, said in the statement. “By combining with Radius, we will create a category-defining experience for our members that will dramatically enhance the resilience and earnings trajectory of our business.”

Mike Butler, Radius’ president and CEO, said in the statement that he was looking forward to leveraging the strengths of both the LendingClub and Radius teams “as we usher in a new era in banking.”

“We are excited for our employees to operate our virtual banking platform with more resources and for our clients to gain access to an industry-leading lending product,” Butler said. “This is a perfect marriage, with LendingClub bringing the leading digital asset generation platform, and Radius contributing a leading online deposit gathering platform, to position the combined company for long-term success.”

The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the next 12 to 15 months.