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Enova (ENVA) Buys Pangea to Bolster Digital Capabilities

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Enova International, Inc. ENVA has acquired Chicago-based Pangea Universal Holdings.The deal will complement the latter’s online money transfer platform with the unparalleled financial technology and analytics' competence of the former.

Notably, Pangea Universal CEO Nishu Thukral will continue to lead the business.

The acquisition of Pangea Universal will support Enova International’s top-class technology and online business proficiency in the international money transfer market, focusing particularly on Latin America and Asia. The company catered to approximately 7 million customers with more than $161million in loans and other types of financing.

The buyout will back Enova International as Pangea Universal revolutionized the money transfer market globally. It altered the customer experience in this fostering market as consumers increasingly prefer money transfer solutions to brick-and-mortar storefronts.

Additionally, Pangea Universal's robust, easy-to-use mobile application facilitates safe, quick and affordably-priced international money transfer from the United States to 40 countries. This bolstered Pangea Universal’s customer loyalty and high-recurring transfer rates with funds remitted out of the U.S. exceeding $161 million and customer win rising 66% in 2020. Also, the firm accommodates U.S. customers with an online checking account that increasingly reduces the cost and hassle of money transfer.

The company CEO David Fisher said, "Their success focusing on providing choice and control to hardworking people will be an important addition to Enova International's existing businesses. Enova International will bring market-leading capabilities around high-volume transactions, marketing, mobile customer experience and, most importantly, machine learning and artificial intelligence."

Thukral commented, “We are now ready to expand our reach as a part of Enova International. We are well-positioned to rapidly grow and serve the millions of people seeking quick, simple, fair and safe money movement across the globe.”

In the past six months, shares of Enova International have skyrocketed 128.9%, outperforming the 71.8% rally of the industry it belongs to.

Currently, Enova International carries a Zacks Rank #2 (Buy).

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SLM Corporation (SLM) : Free Stock Analysis Report

Capital One Financial Corporation (COF) : Free Stock Analysis Report

Enova International, Inc. (ENVA) : Free Stock Analysis Report

MR. COOPER GROUP INC (COOP) : Free Stock Analysis Report

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