Enova Announces Definitive Agreement to Acquire Grasshopper Bank

Enova International, Inc. (NYSE: ENVA) ("Enova"), a leading financial services company powered by machine learning and world-class analytics, today announced it has signed a definitive agreement to acquire Grasshopper Bancorp, Inc., and its wholly owned subsidiary Grasshopper Bank N.A. ("Grasshopper"), in a cash and stock transaction valued at approximately $369 million.Grasshopper is a leading client-first, full-service digital bank founded in 2019 with more than $1.4 billion in total assets as of September 30, 2025. Grasshopper offers digital financial solutions for commercial and consumer customers, including fintech-focused Banking-as-a-Service (BaaS) and API banking platforms, commercial and Small Business Administration lending and consumer banking.This transaction unites two complementary, market-leading businesses combining Enova's consumer and small business online lending capabilities and with Grasshopper's digital banking infrastructure to create a stronger, more diversified financial services provider. Enova's advanced online lending capabilities, deep understanding of its customers and credit risk discipline have enabled it to grow and service its customers for more than 20 years, both as a direct lender and a service provider to FDIC-insured depository institutions. Through its direct and Banking-as-a-Service (BaaS) product offerings, Grasshopper holds approximately $3 billion in total deposits as of September 30, 2025."Acquiring and partnering with Grasshopper creates a powerful digital bank that positions us to offer a more comprehensive suite of financial solutions across more states to empower consumers and small businesses with the products they need to succeed," said David Fisher, Enova's Chairman & CEO. "Our complementary capabilities and shared customer-first mindset mean we can grow and innovate faster, together. We're excited to welcome the Grasshopper team to Enova.""We're thrilled to join forces with Enova, a market leader in digital lending and a true innovator in the use of technology and analytics in the financial services sector," said Mike Butler, Grasshopper's CEO. "This combination of enhanced digital lending and banking will enable us to serve an even broader set of customers while expanding and strengthening the product offerings for our current clients."This transaction strengthens both Enova and Grasshopper's strategic goals and offers compelling benefits for customers and Enova's shareholders, including: Product and operational simplification by offering centralized and scalable lending and deposit products through a national bank charter; Significant growth and diversification opportunities by expanding Enova's ability to deliver a more comprehensive suite of financial products in more states; Enhanced balance sheet strength and flexibility from more diversified funding opportunities; and Increased financial inclusion by leveraging Enova's technology and allowing the combined company to serve more individuals and communities with convenient, transparent lending and banking services."This is a compelling and strategic combination that will enhance our ability to produce consistent and sustainable growth that we believe will deliver significant financial benefits," said Steve Cunningham, Enova's CFO. "The additional scale and diversification from this transaction should meaningfully enhance our balance sheet strength and flexibility, leading to substantial revenue and funding synergies and significant EPS accretion. I am thrilled to lead the combined company and Enova into this exciting next chapter."Transaction DetailsUnder the terms of the agreement, Enova will acquire Grasshopper for an aggregate purchase price of approximately $369 million to be paid in a combination of cash and newly issued Enova shares. The transaction is subject to Grasshopper stockholder approval and regulatory approvals from the OCC and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026. The transaction is expected to generate adjusted earnings per share accretion of more than 15% within the first year and more than 25% once the synergies are fully realized beyond the first year.After closing, Grasshopper Bank will be the bank subsidiary of Enova, which will be a newly formed bank holding company. Mike Butler will serve as President of Grasshopper Bank, reporting to Steve Cunningham, who will be appointed CEO of Grasshopper Bank. Mr. Cunningham will assume the role of Enova CEO effective January 1, 2026, as previously announced.AdvisorsCovington & Burling LLP is serving as legal advisor and Keefe, Bruyette & Woods is serving as financial advisor to Enova. Squire Patton Boggs (US) LLP and Hogan Lovells US LLP are serving as legal advisors and Piper Sandler & Co. is serving as financial advisor to Grasshopper.Conference Call and Webcast InformationEnova will host a call to discuss the transaction at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time today. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to be joined to the Enova call. A replay of the conference call will be available until December 18, 2025, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-855-669-9658 (1-412-317-0088). The replay access code is 2631126.

Enova Announces Definitive Agreement to Acquire Grasshopper Bank

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