Enova International, a leading online lender, has entered into a definitive agreement to acquire Grasshopper Bancorp, Inc. and its wholly‑owned subsidiary Grasshopper Bank, N.A. for a total consideration of approximately $369 million in a cash‑and‑stock transaction.
The deal will combine Enova’s consumer and small‑business lending platform with Grasshopper’s digital‑banking infrastructure, creating a diversified financial‑services provider. Upon closing, Enova will become a bank holding company and Grasshopper Bank will serve as its banking subsidiary, giving Enova access to a $1.4 billion deposit base and the ability to offer deposit accounts, loans, and other banking products across a broader geographic footprint.
Regulatory and shareholder approvals are required before the transaction can close, and the parties anticipate a closing in the second half of 2026. The deal structure includes a mix of cash and shares, with Enova issuing new shares to Grasshopper shareholders as part of the consideration.
Enova’s chief executive highlighted the strategic fit, noting that the acquisition “positions Enova to deliver a full suite of financial services to its existing customer base while leveraging Grasshopper’s technology platform to accelerate growth.” The move is expected to strengthen Enva’s competitive position against traditional banks and fintech rivals by expanding product offerings and reducing funding costs through the new deposit base.
The transaction reflects a broader industry trend of fintech firms acquiring or partnering with banks to gain regulated banking capabilities. By becoming a bank holding company, Enova will be subject to additional regulatory oversight, but the expanded product mix and deeper capital base are projected to drive long‑term value for shareholders.
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