Enova International has signed a definitive agreement to acquire Grasshopper Bancorp, including Grasshopper Bank, for approximately $369 million.
The deal will combine Enova’s long-standing online consumer and small business lending capabilities with Grasshopper’s digital banking platform to create a significantly scaled financial services provider. The acquisition will be paid through a mix of cash and newly issued Enova shares.
Founded in 2019, Grasshopper operates as a client-focused, full-service digital bank serving commercial and consumer customers. The bank offers fintech-oriented Banking-as-a-Service and API banking platforms, as well as commercial and SBA lending. As of September 30, 2025, Grasshopper reported $1.4 billion in total assets and approximately $3 billion in deposits across its direct and Banking-as-a-Service offerings.
The acquisition aligns two complementary businesses that each provide technology-driven financial solutions. Enova brings more than 20 years of experience in online lending and credit risk modeling across both consumer and small-business products. Grasshopper contributes a digital-first bank charter and modern deposit infrastructure that supports a wide range of commercial and specialty banking services.
The combination is expected to accelerate product expansion, improve financial inclusion through technology-driven access, simplify operations under a national bank charter, and strengthen the combined balance sheet through more diversified funding.
Enova expects the transaction to generate substantial financial benefits. The company anticipates adjusted earnings per share accretion of more than 15% within the first year following closing and more than 25% once all synergies are realized. The acquisition remains subject to approval by Grasshopper stockholders, regulatory review by the OCC and Federal Reserve, and customary closing conditions. The companies expect the deal to close in the second half of 2026.
Following the close, Grasshopper Bank will operate as the bank subsidiary of Enova, which will convert into a bank holding company. Mike Butler will become President of Grasshopper Bank and will report to Steve Cunningham, who will be appointed CEO of Grasshopper Bank. Cunningham is also set to assume the role of Enova CEO on January 1, 2026.
Support: Enova has retained Covington & Burling LLP as legal advisor and Keefe, Bruyette & Woods as financial advisor. Grasshopper is advised by Squire Patton Boggs (US) LLP and Hogan Lovells US LLP, with Piper Sandler & Co. acting as financial advisor.
KEY QUOTES:
“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.”
David Fisher, Chairman & CEO, Enova
“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.”
Mike Butler, CEO, Grasshopper
“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. I am thrilled to lead the combined company and Enova into this exciting next chapter.”
Steve Cunningham, CFO, Enova
