Enova has signed a definitive agreement to acquire Grasshopper Bancorp and its wholly owned subsidiary, Grasshopper Bank, in a transaction valued at USD 369 million.
Enova is an online financial services company that serves underserved small businesses and consumers. The company offered loans and financing to over 13 million customers by delivering a suite of products powered by its analytics, machine learning algorithms, and proprietary technology.
Offering more comprehensive solutions
The transaction unifies two complementary businesses, Enova’s consumer and small business online lending features and Grasshopper’s digital banking infrastructure to deliver a more diversified financial services provider. Enova’s understanding of its customers and credit risk discipline enables it to scale as a lender and service provider to FDIC-insured depository institutions.
Through the acquisition, the company positions itself to offer a more comprehensive range of solutions across more states, supporting customers and businesses with the products they need. The companies’ complementary capabilities and shared customer-centric vision mean they can grow and develop faster than ever.
The shift advances both companies’ goals and offers multiple benefits for customers and Enova’s shareholders, including product and operational simplification. Growth opportunities, improved balance sheet strength and flexibility, and more financial inclusion. This is possible by leveraging Enova's technology and allowing the combined company to serve more individuals and communities, offering decentralised and scalable lending and deposit solutions through a national bank charter.
As per the agreement, Enova will acquire Grasshopper for an aggregate purchase price of almost USD 369 million to be paid in a combination of cash and newly issued Enova shares. The acquisition is still subject to closing conditions and approvals from the OCC and the Federal Reserve, expected to close in H2 2026 and to generate adjusted earnings per share accretion of over 15% within the first year, and over 25% when the combined benefits materialise. After closing, Grasshopper Bank will be the bank subsidiary of Enova.
Grasshopper Bank has expressed positive sentiments regarding the alliance with Enova, saying that this venture will enable it to serve an even broader set of customers while expanding and strengthening the product offerings it already delivers.
