Enova International, a machine learning-enabled financial services company, will acquire Grasshopper Bank in a transaction valued at approximately $369 million. The deal aims to combine Enova’s online consumer and small business lending capabilities with Grasshopper’s digital banking infrastructure.
With over $1.4 billion in total assets, Grasshopper is a full-service digital bank, offering solutions for both commercial and consumer customers. By incorporating these capabilities into Enova’s platform, the combined entity will be able to offer more scalable lending and deposit products and diversified funding opportunities. Enova will also deliver a comprehensive suite of financial products across more states and serve more individuals and communities.
“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,” David Fisher, Enova’s chairman and CEO, said in a statement. “Our complementary capabilities and shared customer-first mindset mean we can grow and innovate faster, together.”
