Grasshopper launched in 2019 as a digital only bank in New York aimed at startups, small firms and the fintech sector. Business checking carries no monthly fee, pays interest on balances and returns cashback on qualifying debit spend, which is an unusual combination for an operating account. Accounting integrations, unlimited digital cards for staff and free incoming wires make it workable as a primary account for a company run from laptops rather than a yard.
Founders raising venture money, agencies and software firms are the natural fit, and there is SBA and venture backed lending for those that qualify. Contractors, retailers and anyone handling notes and coins should look elsewhere, because cash deposits are not supported and there is no branch anywhere. Onboarding checks are strict, and some applicants report accounts closed or rejected without much explanation.
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