Reflecting on its loan growth of 24% year over year, Grasshopper reports it is boosting its executive branch to support the demand.
Grasshopper is a federally chartered digital bank that holds FDIC insurance for accounts.
Launched in 2019, the bank serves both consumers and small businesses. It also operates as a Banking as a Service (BaaS) provider supporting Fintechs and other financial services providers.
Last February, Grasshopper reported that it closed 2024 with solid results of 23% growth in revenue and 13% growth in total deposits. Total revenue reached $32.1 million in 2024
Grasshopper states that it is making its next strategic move by expanding its lending operations in 2025. This includes its Small Business Administration (SBA) lending program, introducing new small business loan options for SMB clients, entering the consumer lending market through its proposed acquisition of Auto Club Trust (ACT).
Grasshopper CEO Mike Butler said:
“Expanding our capabilities and digitizing the lending process will further cement our position as a leading digital bank, and we look forward to continuing to deliver innovative, frictionless experiences to our clients.”
At the same time, Grasshopper has added six new executives to handle the increased demand for credit:
- Steve Kerr, Chief Credit Officer
- Dawn Gillette, Head of Digital Lending
- Brennan Quenneville, Head of SBA Lending
- Andrew Simon, Head of SBA Digital Lending
- David Menoian, SBA National Sales Manager
- Justin Whitson, Business Development Officer