KMD Partners, the parent company of online lender CreditNinja, is buying Salt Lake City-based Liberty Bank.
CreditNinja offers personal loans with high interest rates ranging from 25% to 249%. Liberty Bank has one branch in Utah.
The deal still needs to be approved by regulators. If approved, CreditNinja and Liberty Bank would remain separate businesses owned by KMD. However, the companies could do things like cross-sell products.
A number of fintechs have bought or sought approval to run banks. LendingClub recently closed its deal to acquire Radius Bank, while SoFi is buying Golden Pacific bank. And Square's bank recently started operating for business loans.