Enova International, Inc. is a leading provider of online lending and financial services to underserved consumers and small businesses. With over two decades of experience, the company has funded more than $65 billion in loans and served 13 million customers, distinguishing itself as one of the largest licensed lenders in the United States. Enova’s operations extend across the U.S., Brazil, and the United Kingdom, utilizing advanced machine learning, analytics, and proprietary technology to offer accessible credit solutions. The firm maintains an emphasis on non-prime borrowers who typically lack access to traditional banking services.
Let us explain.
Enova’s product portfolio includes consumer lending options such as subprime loans, near-prime lines of credit, and income share agreements (ISAs), as well as small business lending through brands like OnDeck (acquired in 2020). These services are supported by an online-only model, in-house contact centers, enabling streamlined, data-driven decision-making. Internationally, it provides similar lending services in Brazil and the UK.
The company’s Colossus™ platform uses proprietary, automated, machine learning-enabled analytics to facilitate 90% of its loan decisions. These services address issues faced by both consumers and businesses; for example, 39% of Americans report being unable to cover a $400 emergency, and 72% of small businesses applying for loans from large banks are rejected. Enova serves 314,000 SMB customers with $2.8 billion in financed receivables, primarily for loans under $250,000.
Good service, good results.
Recent developments include the release of Enova’s Q3 2025 Small Business Cash Flow Trend Report on October 22, 2025, noting confidence among small businesses despite economic challenges. Earlier in the year, Q1 results showed strong growth, with 26% higher originations and 22% revenue increase. Enova’s tech-driven approach has enabled six consecutive quarters of at least 25% year-over-year adjusted EPS growth.
The business has scaled to generate $2.7 billion in 2024 revenue, growing 25% year-over-year while Adjusted EBITDA expanded 90 basis points to 24.7%. The company has demonstrated consistent receivables, revenue and Adjusted EBITDA growth over the last four fiscal years.
Experienced Management team.
Leadership at Enova comprises seasoned professionals from fintech, finance, and tech sectors. CEO David Fisher, who joined in 2013, has driven significant growth, including the $1.4 billion sale of his prior company, optionsXpress, to Charles Schwab. He is set to transition the role to current CFO Steve Cunningham in January 2026. Other key executives include Chief Strategy Officer Kirk Chartier (joined 2013), Chief Technology and Analytics Officer Joe DeCosmo (joined 2014), and Co-Presidents of Small Business Lending Jim Granat and Cory Kampfer. A number of managers bring experience from firms like Discover Financial Services, Groupon, and Capital One.
We will be watching.
Enova’s sophisticated, technology driven platform, customer-focused approach, aimed at a large underserved market, distinguishes the company from “me too” service offerings. This positioning enables Enova to pursue growth opportunities even within a volatile economic environment. For investors seeking insights into the nation’s economic heartbeat, Enova serves as an informative benchmark.
