Digital commercial bank Grasshopper has closed a $30.4m in a funding round, which brings its total capital raised to $160m.
The funding round was backed by existing investors Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital Management and Carpenter & Company. The round was also joined by first-time backer GCP Capital Partners.
Mike Butler became the CEO of Grasshopper in May 2021 and since then, the company has added three new business lines supporting the SMB market (commercial real estate, sba lending, and yacht financing).
It has also added deposit gathering business lines, which include banking-as-a-service and SMB banking, launched a BaaS platform, and developed a suite of digital banking tools for SMBs, including debit card, instant-issue virtual debit cards, and seamless payment options.
 Other notable milestones include increasing the team by 82% and partnerships with industry-leading FinTech companies.
Butler said, “We are very pleased with the support of this experienced group of investors.
“Our strategic direction is set. Therefore, the new capital will further support our growth and solidify our ability to provide clients with leading-edge technology and personalised digital banking solutions across the business and innovation economies.â€
Patriot Financial recently led the $10m funding round of payments-as-a-service platform Finexio.
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