Enova Announces Definitive Agreement to Acquire Grasshopper Bank

Enova Announces Definitive Agreement to Acquire Grasshopper Bank

/PRNewswire/ -- Enova International, Inc. (NYSE: ENVA) ("Enova"), a leading financial services company powered by machine learning and world-class analytics,...

High-cost lender Enova's plan to buy a bank sparks backlash

Enova International, a nonbank lender in Chicago, plans to gain scale by taking over Grasshopper Bank's national bank charter. The deal already faces skepticism from critics of Enova's high-cost lending model.

Enova to Acquire Grasshopper Bank for $369 Million

Enova is acquiring Grasshopper Bank for $369 million, creating a full-stack digital financial services provider that blends online lending with modern API-driven banking. Grasshopper brings $1.4 billion in assets, $3 billion in deposits, and a growing sponsor-bank portfolio, strengthening Enova’s infrastructure, deposit base, and fintech capabilities. The deal show the benefits of digital lenders that move up-market by acquiring bank charters to…