Enova (ENVA) buys Pangea to strengthen its digital capabilities – March 22, 2021
Enova International, Inc. (ENVA – Free Report) acquired Chicago-based Pangea Universal Holdings. The deal will complement the latter’s online money transfer platform with the unmatched financial technology and analytical skill of the former.
Notably, Pangea Universal CEO Nishu Thukral will continue to lead the company.
The acquisition of Pangea Universal will support Enova International’s cutting-edge technology and mastery of online business in the international money transfer market, with a particular focus on Latin America and Asia. The company has served approximately 7 million customers with more than $ 161 million in loans and other types of financing.
The buyout will support Enova International as Pangea Universal revolutionized the global money transfer market. This has changed the customer experience in this growing market as consumers increasingly prefer money transfer solutions over physical storefronts.
Plus, Pangea Universal’s robust and easy-to-use mobile app makes it easy to transfer money safely, quickly, and affordably from the United States to 40 countries. This has bolstered Pangea Universal’s customer loyalty and high recurring transfer rates with funds transferred out of the United States exceeding $ 161 million and customer earnings up 66% in 2020. In addition, the company welcomes US customers with an online checking account that increasingly cuts costs and hassle. money transfer.
Company CEO David Fisher said, “Their success in providing choice and control to hardworking people will be an important addition to Enova International’s existing business. Enova International will bring leading edge 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 member of Enova International. We are well positioned to grow rapidly and serve the millions of people looking for fast, easy, fair and safe money movement around the world.
Over the past six months, shares of Enova International have climbed 128.9%, outperforming the rally of 71.8% of industry it belongs to.
Currently, Enova International holds a Zacks Rank # 2 (Buy).
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