Enova International has agreed to acquire Grasshopper Bancorp and its subsidiary, Grasshopper Bank. This cash-and-stock deal is worth about $369 million. It merges a top online lender for consumers and small businesses with a rapidly growing digital bank. Founded in 2019, Grasshopper oversees over $1.4 billion in assets. It provides fintech-focused Banking-as-a-Service, API banking, commercial and SBA lending, and consumer banking. As of now, it has around $3 billion in total deposits. The combination aligns Enova’s machine learning-driven lending expertise with Grasshopper’s national digital banking infrastructure, enabling broader product coverage, centralized lending and deposit offerings, and expanded geographic reach.
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“Acquiring and partnering with Grasshopper creates a powerful digital bank that positions us to offer a more comprehensive suite of financial solutions across more states to empower consumers and small businesses with the products they need to succeed,” said David Fisher, Enova’s Chairman & CEO. Grasshopper CEO Mike Butler added, “This combination of enhanced digital lending and banking will enable us to serve an even broader set of customers while expanding and strengthening the product offerings for our current clients.” Enova CFO Steve Cunningham noted the deal’s expected balance sheet, revenue, and EPS benefits as the transaction advances toward close.
