Investment Boost for Grasshopper: Secures $46.6 Million, Welcomes New Board Members for Future Development and Expansion
Grasshopper Bank, a digital-first financial institution, has announced significant changes following a successful $46.6 million funding round and a merger with Auto Club Trust, FSB. The funding will be used to expand Grasshopper's digital platform and offer a broader range of services for consumers.
The merger has enabled Grasshopper to manage approximately $1.4 billion in assets. This growth is evident in the bank's financial performance, with total assets growing 53% to $1.33 billion and total deposits increasing 81% to $2.37 billion. Loans have also seen a 49% increase, reaching $961.8 million at June 30, 2025.
Four new board members have been appointed to oversee strategic growth for Grasshopper Bank. These include James Fitzgerald, a retired banking executive who played a key role in growing Eastern Bank from $8 billion to over $25 billion in assets. Brian Graham, co-founder of the Klaros Group and an expert in banking, investment strategy, and public policy, has also joined the board.
Karen Solomon, a bank regulatory lawyer with over 30 years of experience, formerly serving in a senior role at the U.S. Office of the Comptroller of the Currency, and John M. Surgent, CPA, an entrepreneur with a background in founding several businesses, have also been appointed to Grasshopper's Board of Directors.
Grasshopper Bank's CEO, Mike Butler, expressed excitement about expanding the bank's services to consumers through an affinity banking partnership with The Auto Club Group. The bank is planning to accelerate its growth by scaling its technology, expanding its product offerings, and deepening its commitment to delivering digital banking solutions.
The funding round is seen as a vote of confidence in Grasshopper Bank's mission, strategy, and team. The new board members complement the existing management and board structure to support Grasshopper’s expansion and integration of offerings post-merger with Auto Club Trust.
[1] Source: Grasshopper Bank Press Release [2] Source: Eastern Bank Press Release [3] Source: Klaros Group Website [4] Source: JM Surgent Capital Website [5] Source: Auto Club Trust Press Release
Grasshopper Bank, having received funding from ffnews.com and successfully merging with Auto Club Trust, FSB, intends to use the funds to enhance its digital platform and diversify services for consumers, thus venturing further into finance, investing, and business. Owing to the merger and the growth in assets, Karen Solomon, a bank regulatory lawyer, and John M. Surgent, an entrepreneur, were appointed to Grasshopper's Board of Directors to oversee their strategic expansion.
