Enova International, a long-established leader in technology-driven financial services, has announced plans to acquire Grasshopper Bancorp, Inc. and its subsidiary Grasshopper Bank N.A. The deal, valued at approximately $369 million in cash and stock, brings together two companies that have each carved out strong positions in digital lending and modern banking.
Grasshopper, founded in 2019, has quickly grown into a full-service digital bank with more than $1.4 billion in assets. Known for its fintech-friendly Banking-as-a-Service (BaaS) and API-driven platforms, the bank supports commercial clients, SBA lending, and consumer banking, and holds roughly $3 billion in deposits across its offerings.
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For Enova, which has spent more than two decades refining its online lending capabilities for consumers and small businesses, the acquisition represents a major step forward. By bringing Grasshopper’s digital banking infrastructure under its umbrella, Enova plans to offer a more complete spectrum of financial products to customers across more states. Both companies say their shared commitment to using technology, data, and customer-centric design will allow them to innovate and scale faster together than they could alone.
“Acquiring and partnering with Grasshopper creates a powerful digital bank that positions us to offer a broader range of financial solutions to consumers and small businesses,” said David Fisher, Enova’s Chairman & CEO. “We share a customer-first philosophy, and we’re excited to welcome the Grasshopper team.”
Grasshopper CEO Mike Butler echoed that sentiment, calling Enova “a market leader in digital lending” whose expertise will strengthen Grasshopper’s ability to serve its current customers while expanding to new markets.
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The deal is also expected to streamline operations and strengthen the combined company’s balance sheet. By offering centralized lending and deposit products through a national bank charter, Enova will gain the opportunity to scale more efficiently and tap into additional funding sources. Leadership believes the merger will boost financial inclusion as well, making accessible and transparent banking services available to more individuals and communities.
“This is a strategic combination that positions us for sustainable long-term growth,” said Steve Cunningham, Enova’s CFO. He added that greater scale and diversification will enhance financial flexibility and create meaningful revenue and funding synergies. Cunningham is set to lead the combined company into its next chapter once the transaction closes.
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Together, Enova and Grasshopper aim to build a more robust, technology-driven financial institution—one capable of delivering modern, convenient, and inclusive financial services across the United States.
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