Enova International, a leading financial services company powered by machine learning and world-class analytic, has agreed to buy Grasshopper Bancorp –the parent of digital bank Grasshopper Bank – in a strategic transaction combining Enova’s consumer and small business online lending platform with Grasshopper’s digital banking infrastructure.
In a unique transaction involving a fintech acquiring a bank charter, the deal is valued at about $369 million to be paid in a mix of cash and newly issued Enova shares. It is expected to close in the second half of 2026, subject to Grasshopper stockholder and regulatory approvals.
Grasshopper Bancorp, founded in 2019, operates Grasshopper Bank, a full‑service digital bank with more than $1.4 billion in total assets, and approximately $3 billion in total deposits via its direct and Banking‑as‑a‑Service (BaaS) offerings. The company provides digital financial solutions for commercial and consumer customers, including fintech‑focused BaaS and API banking platforms, commercial and SBA lending, and consumer banking services.
The Squire Patton Boggs team acting for Grasshopper was led by Jim Barresi, Alison LaBruyere, Derrick Cephas, and Samantha Caspar.