Enova agrees to acquire Grasshopper Bank in $369m deal #
US fintech lender Enova has reached an agreement to acquire Grasshopper Bank for $369m, a move that will combine Enova’s digital lending platform with a federally chartered bank. The transaction is intended to give Enova direct access to insured deposits, reduce its reliance on wholesale funding, and strengthen its ability to scale lending products across consumer and small business segments
Grasshopper Bank, a New York-based digital bank focused on startups and small businesses, will continue to operate under its existing charter following the acquisition. Enova said the deal will enhance regulatory stability and funding efficiency while preserving Grasshopper’s technology-driven banking model. The transaction is subject to customary regulatory approvals and is expected to close in 2026.