CHICAGO, March 19, 2021 /PRNewswire/ -- Enova
International (NYSE: ENVA), a leading financial technology company
powered by machine learning (ML) and artificial intelligence
(AI), today announced that it has acquired Pangea Universal
Holdings, a Chicago-based payments
platform offering mobile international money transfer services.
This acquisition brings Enova's world class technology, analytics
and online business expertise to the international money transfer
market with a focus on Latin
America and Asia, which the
World Bank estimates to be a combined $71
billion per year market in remittance outflows from the
U.S.
Pangea offers a smarter way for people to move money around the
world to friends and family. They have revolutionized the customer
experience in this growing market, as consumers increasingly choose
online money transfer solutions instead of relying on
brick-and-mortar storefronts. Pangea's powerful, easy-to-use mobile
application provides secure, fast and affordably priced
international money transfer from the U.S. to 40 countries with a
focus on Latin America and
Asia. Customers have the option to
transfer funds directly into bank accounts or have cash picked up
from partners in minutes. Their service has driven strong customer
loyalty and high recurring transfer rates, with over $161 million in funds transferred out of the U.S.
and 66% growth in new customers in 2020. Pangea also offers U.S.
customers an online checking account that further reduces the cost
and friction of money transfer.
"We're excited to bring our experience managing online financial
technology businesses to the platform Pangea has developed," said
David Fisher, Enova's CEO. "Their
success focusing on providing choice and control to hardworking
people will be an important addition to Enova's existing
businesses. Enova will bring market-leading capabilities around
high-volume transactions, marketing, mobile customer experience
and, most importantly, machine learning and artificial
intelligence."
"We are proud to have helped underbanked people seamlessly
complete millions of money transfers in our nearly ten year
history. We are now ready to expand our reach as a part of Enova,"
said Nishu Thukral, CEO of Pangea
Universal Holdings, who will continue in his role leading the
business. "We are well-positioned to rapidly grow and serve the
millions of people seeking quick, simple, fair and safe money
movement across the globe."
About Enova
Enova International (NYSE: ENVA) is a
leading financial technology company providing online financial
services through its AI and machine learning powered lending
platform. Enova serves the needs of non-prime consumers and small
businesses, who are frequently underserved by traditional banks.
Enova has provided more than 7 million customers with over
$40 billion in loans and financing
with market leading products that provide a path for them to
improve their financial health. You can learn more about the
company and its brands at www.enova.com.
Cautionary Statement Concerning Forward Looking
Statements
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about the business, financial condition and prospects of
Enova. These forward-looking statements give current expectations
or forecasts of future events and reflect the views and assumptions
of Enova's senior management with respect to the business,
financial condition and prospects of Enova as of the date of this
release and are not guarantees of future performance. The actual
results of Enova could differ materially from those indicated by
such forward-looking statements because of various risks and
uncertainties applicable to Enova's business, including, without
limitation, those risks and uncertainties indicated in Enova's
filings with the Securities and Exchange Commission ("SEC"),
including our annual report on Form 10-K, quarterly reports on
Forms 10-Q and current reports on Forms 8-K. These risks and
uncertainties are beyond the ability of Enova to control, and, in
many cases, Enova cannot predict all of the risks and uncertainties
that could cause its actual results to differ materially from those
indicated by the forward-looking statements. When used in this
release, the words "believes," "estimates," "plans," "expects,"
"anticipates" and similar expressions or variations as they relate
to Enova or its management are intended to identify forward-looking
statements. Enova cautions you not to put undue reliance on these
statements. Enova disclaims any intention or obligation to update
or revise any forward-looking statements after the date of this
release.
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SOURCE Enova International, Inc.