Digital business bank Grasshopper lands $30.4m funding

New York-based digital commercial bank Grasshopper has raised $30.4 million in funding.

Grasshopper Raises $30.4 Million

The new capital brings the bank’s total capital up to $160 million to date.

Existing investors including Patriot Financial Partners, Endeavor Capital Advisors, FJ Capital Management and Carpenter & Company all contributed to this funding along with new investor GCP Capital Partners.

After a strong start to the year, the new cash will “further support our growth,” said Grasshopper CEO Mike Butler.

The company recently shifted its focus to start-ups and small and medium enterprises (SMEs), with 84% growth in total assets, 358% growth in loans and 192% growth in core deposits in the first half of 2022. 2021 period.

The bank currently manages more than $500 million in total assets and increased its workforce by about 82% last year.

In addition to the funding, Boris Gutin and Bradford Kopp of GCP Capital Partners will also join Grasshopper’s board of directors.

Founded in 2019, Grasshopper’s banking solutions cover SMEs, venture-backed firms, fintech-focused BaaS and commercial API banking platforms, small business managed lending, commercial real estate lending, and yacht lending. .

The company recently partnered with Treasure Financial, a California-based business-to-business (B2B) fintech, to offer a new financial management platform aimed at improving visibility into corporate finances.