Grasshopper, a US digital bank catering to SMEs and entrepreneurs, has successfully raised $30.4 million in funding.
Investors in this round include Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital Management, Carpenter & Company, and GCP Capital Partners, bringing Grasshopper’s total funding to $160 million.
The bank focuses on supporting founders, their companies, and the investors behind them in the innovation economy. Grasshopper provides a diverse range of products and services tailored to various industries, including small business financing, venture-backed company support, fintech-focused Banking as a Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate financing, and yacht loans.
In the past year, Grasshopper has completely overhauled its technology infrastructure, enhancing everything from the core banking system and API middleware to digital account opening, digital banking solutions, and fraud prevention systems.
As of June 30, 2022, the bank reported an 84% increase in total assets, a 358% rise in loans, and a 192% growth in core deposits compared to the same period in 2021.
CEO Mike Butler stated, “Our strategic direction is set. Therefore, the new capital will further support our growth and solidify our ability to provide clients with leading-edge technology and personalized digital banking solutions across the business and innovation economies.”