Grasshopper Bank, founded in 2019, is a digital bank offering online banking-as-a-service and lending services. In August 2025, the bank adopted a server to power an AI assistant, Claude.

The acquisition will aim to combine both institutions’ digital banking services to expand their product offerings, offer diversification opportunities, and increase financial inclusion.

Mike Butler, CEO of Grasshopper Bank, commented: "This combination of enhanced digital lending and banking will enable us to serve an even broader set of customers while expanding and strengthening the product offerings for our current clients."

Steve Cunningham, CFO of Enova, said: "This is a compelling and strategic combination that will enhance our ability to produce consistent and sustainable growth that we believe will deliver significant financial benefits

"The additional scale and diversification from this transaction should meaningfully enhance our balance sheet strength and flexibility, leading to substantial revenue and funding synergies and significant EPS accretion.”