Enova slides after pulling out of Grasshopper Bancorp acquisition

Enova International

14/09/2026 23:09

** Fintech Enova International's ENVA.N shares slump 19% to $183.50 in extended trading
** ENVA has withdrawn applications with U.S. banking regulators regarding proposed acquisition of Grasshopper Bancorp 
** Chicago-based ENVA struck a $369 million deal last year for Grasshopper Bancorp, a transaction that would have given it access to a national banking charter
** "Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system," CEO Steve Cunningham says
** A growing number of fintechs, neobanks and ​digital-asset firms are seeking bank charters as they look to expand their role in the financial system 
** All seven brokerages covering the stock rate "buy" or higher; median PT $275, according to data compiled by LSEG
** As of last close, ENVA stock up 44% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))