Following its merger with Auto Club Trust, FSB, Grasshopper has announced $46.6 million funding round.
Grasshopper is a federally chartered digital bank that targets small business customers. Its services include the full range of expected business banking services plus offers embedded banking and banking as a service (BaaS).
In a release, Grasshopper said that the new funding round was led by Patriot Financial Partners LP with additional participation from Glendon Capital Management. The company said the capital infusion came after a year of “enormous growth.”
Grasshopper reports that total assets rose by 53% to $1.33 billion, total deposits increased by 81% to $2.37 billion, along with total loans of $961.8 million at June 30, 2025, were up 49%, when compared to December 31, 2024.
The money will be used to scale its digital banking services for businesses as well as consumers.
The money also brings new board members to the firm as James Fitzgerald, formerly of Eastern Bank, Brian Graham, founder of Klaros Group, Karen Solomon, an attorney specializing in banking law and John M. Surgent, a CPA have all joined the board.
Grasshopper’s merger with Auto Club Trust and FSB was announced in October of 2024. As part of the combination, Grasshopper raised approximately $34 million in new equity capital. The deal included both cash and stock.
Auto Club Trust is a federally chartered savings bank headquartered in Dearborn, Michigan and is a subsidiary of ACG and its property-casualty insurance affiliate, Auto Club Insurance Association.