Enova to Merge with Grasshopper Bancorp: $369M Deal Signals Strategic Banking Shift

Enova International, Inc. (ENVA), a prominent player in financial technology, has finalized a definitive agreement to purchase Grasshopper Bancorp, Inc. and its subsidiary Grasshopper Bank N.A. The all-cash and equity transaction carries a total valuation of approximately $369 million.

Deal Timeline and Leadership Changes

The acquisition is projected to close during the latter half of 2026. Leadership transitions will play a key role in the integration, with Steve Cunningham transitioning to the CEO position at Enova effective January 1, 2026, after serving as head of Grasshopper Bank. Mike Butler has been designated to lead Grasshopper Bank as President following the deal’s completion.

Financial Projections and Strategic Rationale

From a financial standpoint, the transaction demonstrates significant accretion potential. Enova expects the acquisition to deliver more than 15% accretion to adjusted earnings per share in year one post-closing, expanding to over 25% accretion once full operational synergies are achieved.

The merger represents a calculated convergence of complementary capabilities. Enova brings established expertise in consumer and small-business digital lending platforms, while Grasshopper contributes a robust digital banking infrastructure. This combination creates a more comprehensive financial-services ecosystem encompassing various grasshopper types of financial products and services—from traditional lending vehicles to innovative banking solutions.

Market Response

Enova International’s stock demonstrated positive momentum in pre-market trading following the announcement, climbing 1.33% to $143.28 on the New York Stock Exchange. Following the transaction close, Grasshopper Bank will operate as a wholly-owned subsidiary within Enova’s corporate structure.