Grasshopper, the client-first digital business bank, has announced the relaunch of its digital banking platform to meet the shifting demands of small businesses and innovators across the country. With needs unmet by the traditional banking system, small businesses are eager to find services and technology that will help them grow. Grasshopper has the capabilities to help these businesses exceed their potential and is set to lead in the innovation economy by building tools specifically designed for small businesses, startups and the venture community.
The revamped management team is led by former Radius Bank CEO, Mike Butler, and the bank has entered into new lines of business and developed partnerships with industry-leading fintech companies. All of this has been done as a way to expand Grasshopper’s mission of providing a superior digital banking experience for the business and innovation economy. The new direction is buoyed by substantial growth over the past year with total loans increasing by 19 per cent, total deposits increasing by 75 per cent and total assets increasing by 32 per cent.
“Grasshopper is in its best position yet to help small businesses address the key challenge of taking advantage of digital tools to control their finances and deliver value to their customers,” said Mike Butler, CEO of Grasshopper. “The past two years have underscored the fact that the small business market has been traditionally underserved by banks, causing many business owners to seek digital solutions to fit their needs – a trend that will continue beyond the pandemic. As serving small businesses is core to our business, and with our leadership and technology, we are uniquely positioned to solve this problem.”
Beginning with Butler’s hiring in May 2021, Grasshopper has strategically expanded on its mission to serve new businesses and the innovation economy. Grasshopper is unveiling several new technologies today, all developed by examining client pain points and working inward to develop innovative solutions. These technologies include:
BaaS APIs – An application programming interface (API) layer for both direct use and in conjunction with a Banking-as-a-Service (BaaS) platform for fintechs.
New technology – Digital deposit account opening, online and mobile banking platforms for small business and venture clients, and a new core banking system were implemented to allow for scalable growth and provide flexibility with the new API tools.
Innovator Business Checking – A new digital checking account with a Visa debit card designed for startups and small businesses.
Redesigned website – Grasshopper’s new public website and client-facing online and mobile banking platforms; access it here
Grasshopper has also engaged in strategic partnerships with a number of industry-leading fintechs, including FIS, Treasury, Prime, Narmi, Alloy, Hummingbird and Autobooks to provide a best-in-class banking experience for its clients across all lines of business. These partnerships play a critical role in rounding out the Grasshopper product line, and ensuring that unique solutions exist for any problem a client may present.
Butler added: “Grasshopper’s new leadership, technology and partnerships have the bank well positioned to reassert itself at the forefront of the business-to-business digital banking field. Each addition to Grasshopper’s platform was designed with clients in mind – to meet the needs of a new generation of entrepreneurs and business leaders who require a nimble and forward-thinking banking partner to match their ambitions.”