Digital business bank Grasshopper has successfully secured $46.6 million in funding to facilitate its merger with Auto Club Trust.
Patriot Financial Partners led this investment round, with contributions from Glendon Capital Management. Grasshopper primarily caters to small businesses, startups, venture capital firms, private equity firms, and offers fintech solutions such as banking-as-a-service (BaaS) and commercial API banking platforms, along with SBA lending.
Following its acquisition of Auto Club Group—recognized as the second-largest AAA Club in North America—Grasshopper’s total assets have reached $1.33 billion.
With this new funding, the bank aims to enhance its digital business banking platform and establish a broader array of offerings for individual consumers.
“From the outset, our vision has been to transform digital banking for entrepreneurs and the modern business landscape. With our recent acquisition, we are thrilled to extend this vision to consumers through our strategic partnership with The Auto Club Group,” stated Mike Butler, CEO of Grasshopper.