Enova International has agreed to acquire Grasshopper Bancorp and its subsidiary Grasshopper Bank in a cash and stock deal valued at about 369 million dollars, the company announced on December 11. The transaction would transform Enova from a non-bank lender into a regulated bank holding company.
Grasshopper Bank is a digital-first commercial and consumer bank founded in 2019. As of September 30, 2025, it held more than 1.4 billion dollars in assets and roughly 3 billion dollars in deposits, including funding from fintech and small business clients.
The acquisition is designed to combine Enova’s data-driven lending platform with Grasshopper’s national bank charter and Banking as a Service infrastructure. Enova said the deal would expand its product offering and provide more stable, diversified funding through insured deposits.
According to Enova, the transaction is expected to be more than 15 percent accretive to adjusted earnings per share in the first full year after closing. Once cost and revenue synergies are fully realized, the company expects EPS accretion to exceed 25 percent.
Regulatory shift for a fintech lender
The deal remains subject to approval by Grasshopper shareholders and U.S. banking regulators, including the Office of the Comptroller of the Currency and the Federal Reserve. Enova expects the transaction to close in the second half of 2026.
After completion, Grasshopper Bank will operate as a bank subsidiary of Enova, which plans to reorganize as a bank holding company. Mike Butler will serve as president of Grasshopper Bank, while Steve Cunningham will become chief executive of both Grasshopper Bank and Enova from January 1, 2026.
Industry analysts note that it is relatively uncommon for a publicly listed fintech lender to acquire a bank outright. However, the move reflects a broader trend among digital finance companies seeking direct access to regulated banking infrastructure and lower-cost funding.
For Enova, the acquisition signals a long-term shift toward operating within the traditional banking system while maintaining its technology-focused lending model.