Enova International has entered into a definitive agreement to acquire Grasshopper Bancorp, including its wholly owned subsidiary Grasshopper Bank, for up to $369m in cash and stock deal.
Established in 2019, Grasshopper Bank operates as a digital bank with more than $1.4bn in total assets and around $3bn in total deposits, as of 30 September 2025.
It offers fintech-focused banking-as-a-service (BaaS) and API banking platforms, small business administration lending, and consumer banking services.
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Grasshopper CEO Mike Butler said: “We’re thrilled to join forces with Enova, a market leader in digital lending and a true innovator in the use of technology and analytics in the financial services sector.
“This combination of enhanced digital lending and banking will enable us to serve an even broader set of customers while expanding and strengthening the product offerings for our current clients.”
The transaction is expected to bring together Enova’s online lending operations for consumers and small businesses with Grasshopper’s digital banking platform.
This will create a more diversified financial services company that centralises lending and deposit products under a national bank charter.
Also, the combined company is expected to expand Enova’s reach across more states in the US and enhance funding diversification.
Enova CFO Steve Cunningham said: “This is a compelling and strategic combination that will enhance our ability to produce consistent and sustainable growth that we believe will deliver significant financial benefits.
“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.”
The transaction, is expected to be completed in the second half of 2026, subject to customary closing conditions, including regulatory and shareholders’ approval.
It is also subject to approval from the Office of the Comptroller of the Currency (OCC), a bureau within the US Treasury, and the US Federal Reserve.
Upon completion, Grasshopper Bank will become a subsidiary of Enova, which will be restructured as a new bank holding company.
Mike Butler will be appointed as president of Grasshopper Bank and will report to Steve Cunningham, who will be appointed CEO of Grasshopper Bank.
Enova projects the deal would be accretive to its adjusted earnings per share by over 15% in the first year, increasing to over 25% once full synergies are achieved.
Covington & Burling served as legal advisor and Keefe, Bruyette & Woods as financial advisor to Enova, on this transaction.
Squire Patton Boggs (US) and Hogan Lovells US served as legal advisors, while Piper Sandler & Co. served as financial advisor to Grasshopper.
Enova chairman and CEO David Fisher said: “Acquiring and partnering with Grasshopper creates a powerful digital bank that positions us to offer a more comprehensive suite of financial solutions across more states to empower consumers and small businesses 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.”
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