Enova to Acquire Grasshopper Bank in $369M Cash-Stock Deal
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The leading financial services company, Enova International, announced yesterday, December 11, that it has signed a definitive agreement to acquire Grasshopper Bancorp, Inc., as well as its wholly owned subsidiary, Grasshopper Bank N.A. The announcement shared that the deal is valued at approximately $369 million.
Enova is a leading financial services firm powered by machine learning and world-class analytics.
Meanwhile, Grasshopper is a leading client-oriented, full-service digital bank founded in 2019. It held over $1.4 billion in total assets as of September 30, 2025, and it offers digital financial solutions for commercial and consumer customers, including API banking platforms and fintech-focused Banking-as-a-Service platforms. Earlier this year, in August, the bank also adopted a server to power an AI assistant, Claude.
The announcement goes on to say that the transaction will unite two complementary, market-leading businesses, combining Enova’s consumer and small business online lending capabilities with Grasshopper’s digital banking infrastructure to create a stronger and more diversified financial services provider.
The Deal Will Expand Product Offerings For Clients
Commenting on the deal, Enova’s Chairman and CEO, David Fisher, said that acquiring and partnering with Grasshopper creates a powerful digital bank that positions Enova to offer a more comprehensive suite of financial solutions across more states. This will empower consumers and small businesses, providing them with the products they need to succeed.
“Our complementary capabilities and shared customer-first mindset mean we can grow and innovate faster, together. We’re excited to welcome the Grasshopper team to Enova,” Fisher added.
Enova’s CFO, Steve Cunningham, noted that this is a compelling and strategic combination that will enhance the firm’s ability to produce consistent and sustainable growth that Enova believes will deliver significant financial benefits.
Grasshopper Bank’s CEO, Mike Butler, also commented by saying that this combination of enhanced digital lending and banking will enable the financial firm to serve an even broader set of customers, and at the same time, expand and strengthen its product offerings for its current clients.
Ultimately, the transaction will strengthen both firms’ strategic goals. On top of that, it offers compelling benefits for customers, as well as Enova’s shareholders. These include product and operational simplification, significant growth and diversification opportunities, enhanced balance sheet strength and flexibility, as well as increased financial inclusion.
“The additional scale and diversification from this transaction should meaningfully enhance our balance sheet strength and flexibility, leading to substantial revenue and funding synergies and significant EPS accretion. I am thrilled to lead the combined company and Enova into this exciting next chapter,” Cunningham explained.
