August 02, 2022
Digital business bank Grasshopper lands $30.4m funding
New York-based digital commercial bank Grasshopper has raised $30.4 million in funding.
The fresh capital takes the bank’s total funding to date up to $160 million. Existing investors including Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital Management and Carpenter & Company all contributed to the raise, along with new investor GCP Capital Partners.
Grasshopper CEO Mike Butler says the new cash will “further support our growth” following a strong start to the year.
The company recently shifted its focus to start-ups and small and medium-sized enterprises (SMEs) and has seen an 84% growth in total assets, 358% growth in loans and 192% growth in core deposits in H1 2022 compared to the same period in 2021.
The bank now has more than $500 million in total assets under management and has boosted its employee headcount by around 82% in the last year.
Along with the fundraise, Boris Gutin from GCP Capital Partners and Bradford Kopp will also join Grasshopper’s board of directors.
Founded in 2019, Grasshopper’s banking solutions cover small businesses, venture-backed companies, fintech-focused BaaS and commercial API banking platforms, small business administration lending, commercial real estate lending and yacht financing.
The firm recently teamed up with Treasure Financial, a California-based business-to-business (B2B) fintech, to offer a new financial management platform that aims to improve financial visibility for businesses.