Enova International, Inc. (NYSE: ENVA), a financial services company powered by machine learning and analytics, announced it signed a definitive agreement to acquire Grasshopper Bancorp, Inc., and its wholly owned subsidiary Grasshopper Bank N.A., in a cash and stock transaction “valued at approximately $369 million.”
Grasshopper is a digital bank founded in 2019 with (reported) $1.4 billion+ in total assets as of Sept 30, ’25.
Grasshopper offers digital financial solutions for commercial and consumer customers, including “Fintech-focused Banking-as-a-Service (BaaS) and API banking platforms, commercial and Small Business Administration lending, and consumer banking.”
This transaction unites two businesses combining Enova’s consumer and small business online lending capabilities and with Grasshopper’s digital banking infrastructure to create a “diversified” financial services provider.
Enova’s online lending capabilities, understanding of its customers and credit risk discipline have enabled it “to grow and service its customers for more than 20 years, both as a direct lender and a service provider to FDIC-insured depository institutions.”
Via its direct and Banking-as-a-Service (BaaS) product offerings, Grasshopper holds approximately $3 billion in total deposits as of Sept 30, ’25.
This transaction is expected to advance Enova’s and Grasshopper’s goals and deliver benefits to customers and Enova’s shareholders.
Under the terms of the agreement, Enova will acquire Grasshopper “for an aggregate purchase price of approximately $369 million to be paid in a combination of cash and newly issued Enova shares.”
The transaction is subject to Grasshopper stockholder “approval and regulatory approvals from the OCC and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026.”
The transaction is expected to generate “adjusted earnings per share accretion of more than 15% within the first year and more than 25% once the synergies are fully realized beyond the first year.”
After closing, Grasshopper Bank will be the bank “subsidiary of Enova, which will be a newly formed bank holding company.”
Mike Butler will serve as President of Grasshopper Bank, reporting to Steve Cunningham, who will be “appointed CEO of Grasshopper Bank.”
Cunningham will assume the “role of Enova CEO effective January 1, 2026, as previously announced.”
Covington & Burling LLP is serving as legal advisor and Keefe, Bruyette & Woods is serving as financial advisor to Enova.
Squire Patton Boggs (US) LLP and Hogan Lovells US LLP are serving as legal advisors and Piper Sandler & Co. is serving as financial advisor to Grasshopper.
