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Neobank Grasshopper secures $30.4M for disruptive personalised digital banking solutions

Grasshopper founder
Image credits: Grasshopper

New York-based Grasshopper, a woman-founded, client-first digital bank serving founders, their companies, and the investors supporting them, has secured $30.4 million in funding. With this round, the total funding raised by the digital commercial bank accounts for $160 million.

The investment came from existing investors, including Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital Management and Carpenter & Company. Also, Grasshopper has attracted a new noteworthy investor in GCP Capital Partners.

Provides personalised digital banking solutions

Grasshopper will use the fresh funds to further support its growth and solidify its ability to provide clients with personalised digital banking solutions across the business and innovation economies.

In addition to the capital raise, Grasshopper continues to refine its board of directors by welcoming Boris Gutin from GCP Capital Partners and Bradford Kopp. Recently, the company’s CEO Mike Butler took over the role of chairman, succeeding John Flemming, who stepped down from this role but remains on the board.

“It has been a pleasure serving as Grasshopper’s Chairman over the past three years, helping to steer the bank from the time of its launch to the more recent expansion of our vision,” said John Flemming, former Chairman at Grasshopper. “Mike and the executive team have executed our strategic plan as designed, and we’ve seen strong growth as a result. That fact, coupled with the capital raise, has positioned Grasshopper for success, making this an optimal time for me to step aside as Chairman while remaining on the board.”

“We are very pleased with the support of this experienced group of investors,” said Mike Butler, CEO of Grasshopper. “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.”

Revolutionary women-led fintech

Founded in 2016 by Judith Erwin in New York, Grasshopper is a client-first digital bank, which replaces the traditional one-size-fits-all approach to banking. The company does this with its suite of products and services customised to specific industries and a team of experts with deep expertise in their respective fields. The bank is now led by Mike Butler, CEO of Grasshopper.

As digital banking solutions are becoming key priorities for millions of businesses worldwide, Grasshopper is well-positioned to address this surge in demand among millions of small and medium-sized businesses and entrepreneurs. Grasshopper’s digital banking solutions cater to small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, venture-backed companies, SBI lending, yacht financing, and commercial real estate lending.

Its digital tools are combined with a robust array of fintech partnerships and let the company offer personalised services and solutions to its users. Its tools include a digital business checking account, rewards debit card, instant-issue virtual debit cards, and seamless payment options.

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