Digital business bank Grasshopper relaunches with focus on supporting SMEs
Grasshopper has relaunched its digital banking platform as part of a renewed focus on start-ups and small and medium-sized enterprises (SMEs).
As part of the relaunch, Grasshopper has brought in a new leadership team and implemented a new technology strategy to support its “expanded vision and business offering”.
“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,” says Grasshopper CEO Mike Butler.
Butler, who joined Grasshopper in May 2021, is leading the revamped management team.
Additional key hires include Chris Tremont as chief digital officer to lead SME, Banking-as-a-Service (BaaS), product, marketing and client services; Pete Chapman as chief technology officer to lead technology and product management; and Grant Skeens as chief risk officer to lead credit, risk, information security and compliance.
“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,” Butler says.
Under his stewardship, the digital bank has opened up new business channels and developed partnerships with fintechs including FIS, Treasury Prime, Narmi, Alloy, Hummingbird and Autobooks.
These efforts are designed to support a raft of new financial technologies that Grasshopper has implemented to support what it calls the business and innovation economy.
These include digital deposit account opening, online and mobile banking platforms for small business and venture clients and a new core banking system designed to allow for scalable growth.
It’s also developed a new digital checking account with a Visa debit card designed for start-ups and small businesses.
Grasshopper is headquartered in New York City and has total assets worth approximately $300 million.
Its banking solutions cover small businesses, venture-backed companies, fintech-focused BaaS and commercial API banking platforms, small business administration lending, commercial real estate lending and yacht financing.