Enova to Acquire Sponsor Bank Grasshopper for $369 Million

On December 11, 2025, Enova International announced a definitive agreement to acquire Grasshopper Bancorp, the parent of Grasshopper Bank, for approximately $369 million in a cash-and-stock transaction. Grasshopper Bank, founded in 2019, is a digital sponsor bank with $1.4 billion in assets and $3 billion in deposits as of September 30, 2025, providing Banking-as-a-Service infrastructure to fintechs including Pocketbook, Manifest, and Sydecar. Enova, which serves over 13 million customers through online lending brands like NetCredit and CashNetUSA, aims to combine its consumer and small business lending capabilities with Grasshopper's API-driven banking platform.

The resulting entity would be a vertically integrated fintech-bank hybrid with stabilized funding through Grasshopper's deposit base and expanded embedded finance capabilities. Enova expects significant revenue synergies, balance sheet improvements, and meaningful EPS accretion from the acquisition. The deal represents a notable example of a fintech acquiring a sponsor bank to gain direct banking capabilities and reduce reliance on third-party bank partners.

As of the announcement date, the transaction was subject to regulatory approvals and customary closing conditions.