Product Update: What we’ve accomplished in Q2

Already we find ourselves halfway through 2023! As the second quarter comes to a close, we wanted to take a moment to reflect back on the accomplishments and developments that we have made over the past three months. 

Partnership Update

In the last 3 months, we have announced several partnerships which have helped us to enhance our services. Thanks to collaborations such as these, we are able to better serve the business and innovation economy. Here are some of the latest partnerships we have announced:

• nCino: On May 3rd, we announced our partnership with nCino, a worldwide leader in cloud banking. Working with nCino, we were able to begin leveraging several nCino solutions such as Portfolio Analytics, Commercial Banking,and Customer Engagement. These tools help us to enhance portfolio management and reporting, speed to market for loan closing, and line of sight into the loan process across our lending divisions– all of which supports venture and private equity funds, commercial real estate, and SBA borrowers. 
• Sydecar: On May 9th, we announced our partnership with Sydecar, a frictionless deal execution platform for venture investors. Their platform handles back-office operations, automating banking, compliance, contracts, tax, and reporting so that investors can focus on making deals and building relationships. Through this partnership, we are able to provide Sydecar’s venture investing clients with access to digital banking products through our Banking-as-a-Service (BaaS) platform. 
• Numerated: On June 13th, we announced our partnership with Numerated, an innovative provider of digital business lending solutions. In partnering with Numerated, we were able to integrate their financial spreading tool for our credit team to automate the process of aggregating and analyzing financial data. This has allowed us to improve our commercial loan origination and portfolio maintenance and auro-spreading for financial statements. We have also been able to leverage AI capabilities to spread and analyze small business customers’ financial statements, which eliminates the need for manual input, reducing the spreading process from hours to just minutes.

Product Update

There are also new products that we have begun utilizing in the last quarter. Here are some we are especially excited about:

• ICS and CDARs: Working with IntraFi, we are able to offer expanded FDIC insurance with Insured Cash Sweep (ICS) accounts and Certificate of Deposit Account Registries (CDARs). Clients can keep a peg balance in a Grasshopper account (i.e. FDIC insured $250,000) and place funds in excess of that into ICS or CD accounts spread across various FDIC-insured financial institutions. These accounts can be easily viewed and managed within IntraFi’s client portal.
• Automated Risk Management: Working with Cable, we are able to offer a standardized, self-service onboarding experience for Banking-as-a-Service (BaaS)  clients. These clients can also now create an automated risk management program using a centralized platform to monitor risks and controls while easily identifying exceptions to help stay in compliance

Recognition

On June 1st, Grasshopper had the honor of being named the overall winner for Best Use of Tech in Banking at FinTech Future’s Banking Tech Awards USA. Receiving a recognition such as this highlights our team’s passion for providing a great digital banking experience for the business & innovation economy. We’re very excited to have received such an award that reinforces our mission to remain tech-forward in our banking approach, and we look forward to continuing to embrace the future of business banking.

Looking Ahead

All of us here at Grasshopper are very proud of all the progress we have made in such a small time period, but we know we can still go much further. We are confident our services will only continue to advance from here.

Only forward!