Digital Bank Grasshopper Announces Accelerator Checking to Support Startup Banking Capabilities

Grasshopper, the “client-first” digital bank built for the business and innovation economy, today announced the launch of Accelerator Checking, an operating account and partnership ecosystem designed to serve a wide range of startups.

Accelerator Checking further drives Grasshopper’s mission of “supporting the innovation economy, of which venture-backed companies play an essential role.”

With this latest offering, Grasshopper has provided “a modern operating account, streamlined cash management tools, and access to essential business solutions that helps clients manage their day to day needs.” The product also empowers startups “with an alternative solution through an FDIC-insured bank.”

Key features of Accelerator Checking include:

  • A modern operating account, which can be opened digitally in as little as five minutes from any device
  • Free physical and virtual Visa® rewards debit cards, earning unlimited 1% cash back on online and signature-based purchases
  • Free bill pay, check deposit services and digital invoicing tools
  • Free domestic ACH and wire transfers when a balance greater than or equal to $25,000 is maintained
  • International USD and foreign exchange (FX) wire transfers also available
  • Autobooks, QuickBooks and Plaid integrations with additional financial data management tools available
  • Access to multi-million dollar FDIC insurance without the hassle of multiple bank relationships

Grasshopper believes in a partnership approach “to helping its clients achieve their goals.”

In addition to the Accelerator Checking account and the digital tools the Bank provides directly, clients will also “have exclusive access to a curated community of partners through its newly established marketplace and investor network.”

A sampling of these additional benefits include:

  • Ramp corporate cards
  • Non-dilutive growth financing
  • Cloud-based communication services
  • Fundraising support via connections to select venture capital and private equity firms
  • APIs to embed finance functionality into their own platforms
  • Special discounts on startup business insurance

Accelerator Checking aims to “complement and expand on Grasshopper’s existing startup offerings, as its API-powered BaaS platform has been providing fintech clients with access to leading digital products for instant account opening, personalized digital invoices, debit card requests, cash flow management, balance monitoring, and more.”

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