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New Startup-Focused Bank Gets More Than $100 Million From Investors

New York-based Grasshopper has raised more than $100m from a group of investors to challenge Silicon Valley Bank as a go-to financier for startups and VCs.

Grasshopper Chief Executive Judith Erwin said she believes that the barriers for new entrants to the banking business are falling, as cloud computing and improvements in banking software enable upstarts to provide an expanded slate of services and compete with even the biggest lenders.

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banking, payments