Home / Business and Economy / Enova to Acquire Grasshopper Bank for $369M
Enova to Acquire Grasshopper Bank for $369M
12 Dec
Summary
- Enova International will acquire Grasshopper Bancorp for up to $369m.
- Grasshopper Bank operates as a digital bank with over $1.4bn in assets.
- The deal is expected to enhance Enova's reach and funding diversification.
Enova International is set to acquire Grasshopper Bancorp and its digital bank subsidiary, Grasshopper Bank, in a deal valued at up to $369 million. Grasshopper Bank, established in 2019, boasts over $1.4 billion in total assets and offers a suite of digital banking services, including BaaS and API platforms.
This strategic merger will integrate Enova's consumer and small business lending operations with Grasshopper's robust digital banking infrastructure. The combined entity will operate as a more diversified financial services provider, consolidating lending and deposit products under a national bank charter, thereby expanding Enova's market presence across the US.
The acquisition is projected to significantly boost Enova's adjusted earnings per share. Expected to conclude in the latter half of 2026, the transaction is subject to regulatory and shareholder approvals, including those from the Office of the Comptroller of the Currency and the US Federal Reserve.
