6 days ago
Grasshopper raises $46.6m
Digital business bank Grasshopper has raised $46.6 million to support its merger with Auto Club Trust.
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Patriot Financial Partners led the funding round, with participation from Glendon Capital Management.
Grasshopper serves small businesses, startups, venture capital and private equity firms, fintech-focused BaaS and commercial API banking platforms and SBA lending.
After buying Auto Club Group - the second largest AAA Club in North America - earlier this year, the bank now has total assets of $1.33 billion.
With funding in place, it now plans to expand is digital platform for business banking while laying the foundation for a broader range of offerings for consumers.
"From the beginning, our vision has been to redefine what digital banking can do for entrepreneurs, modern businesses, and the ecosystem that supports them. With our recent acquisition, we are excited to expand that vision to serve consumers through our affinity banking partnership with The Auto Club Group,' says Mike Butler, CEO, Grasshopper.
