Grasshopper Bank in New York raised $46.6 million in capital while adding four new directors.
The $1.4 billion-asset bank said in a press release that the funding round was led by Patriot Financial Partners with participation from Glendon Capital Management.
This investment will support Grasshopper’s acquisition of Auto Club Trust, which closed in April, and the continued expansion of the bank’s digital platform.
“From the beginning, our vision has been to redefine what digital banking can do for entrepreneurs, modern businesses, and the ecosystem that supports them,” Mike Butler, Grasshopper’s CEO, said in the release. “This capital gives us the opportunity to continue pushing boundaries, broaden our reach, and unlock new possibilities in how we deliver meaningful, future-ready digital banking experiences.”
The bank also added four directors: James Fitzgerald, retired chief financial officer of Eastern Bankshares; Brian Graham, co-founder and partner at Klaros Group; Karen Solomon: a bank regulatory lawyer; and John Surgent, an experienced accountant.