Digital Bank Grasshopper Reports Steady Business Growth

Grasshopper, the digital bank built for the business and innovation economy, announced it closed 2023 with strong revenue growth and marked milestones across multiple channels, including significant growth “in new client onboarding, on-going enhancements to the client experience, new products, and the continued commitment to using new and existing strategic fintech partners to foster growth, signaling a strong start to 2024.”

Mike Butler, CEO and Chairman of Grasshopper Bank, said:

“While 2023 was a challenging year for most of the financial services industry, Grasshopper’s commitment to being a digital bank focused on providing small business owners, venture-backed startups and the investor community access to products and services through their preferred channels proved extremely valuable. The combination of our client-first approach, strong digital tools, and advancement of our products and strategic fintech partnership integrations meet the diverse and ever-changing needs of our market segments. We owe our growth and success to this pursuit of listening to our clients and letting that drive our innovation. We will bring this same passion forth in 2024.”

Key Growth Metrics:

Grasshopper expanded significantly in 2023 “across multiple lines of business, underscoring its client-driven approach to driving key service and offering developments across Small and Medium-Sized Business (SMB) Banking, Banking-as-a-Service (BaaS), SBA Lending, Venture Banking and more.”

Responding to the needs of the innovation economy, especially given industry events last year, Grasshopper executed plans that further strengthened its commitment to the business community through various new offerings:

  • Accelerator Checking – feature-packed digital operating account and partnership ecosystem designed to serve a wide range of startups, launched in the fourth quarter of 2023
  • Grasshopper Connect – an exclusive, curated community of investors within the Bank’s network for startup clients seeking fundraising opportunities went live in tandem with the Accelerator Checking product

Partners & Perks – a digital partner marketplace platform offering valuable benefits to both Startup and SMB clients; a sampling of these additional benefits:

  • Ramp corporate cards
  • Capchase for Software-as-a-Service (SaaS) companies seeking non-dilutive financing solutions
  • Perks including discounts on AI productivity platform Slack, startup insurance provider Vouch, and project management software Linear

Enhanced FDIC Coverage – Grasshopper joined the IntraFi network “to provide depository clients with additional FDIC coverage of over $100 million.”

With total assets of approximately $733 million, Grasshopper claims that it is “a client-first digital bank serving the business and innovation economy.”

Grasshopper replaces the traditional one-size-fits-all approach to banking “with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields.”

Grasshopper’s banking solutions “cover small business, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing.”

Headquartered in New York City, the bank is “a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender.”

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