Enova

Online financial services and credit solutions

Chicago, Illinois, United States

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About Enova

Enova provides online financial services, focusing on accessible credit solutions for non-prime consumers and small businesses. Their platform uses machine learning to evaluate creditworthiness, allowing them to offer loans to individuals with lower credit scores who may struggle to obtain financing from traditional banks. Enova differentiates itself by targeting underserved markets, addressing the financial challenges faced by many Americans and small businesses. The company generates revenue through interest and fees on its diverse range of financial products, including personal loans and lines of credit. Additionally, Enova partners with traditional banks to enhance their credit offerings, expanding access to financial services. The goal of Enova is to help hardworking individuals and businesses gain access to reliable credit while promoting diversity and inclusion within its workforce.

Chicago, IllinoisHeadquarters
2004Year Founded
$400MTotal Funding
IPOCompany Stage
Fintech, Financial ServicesIndustries
1,001-5,000Employees

Benefits

Advance your career - We have a dedicated training team focused on giving you the tools you need to succeed within your department, within the company and in your career. The focus starts day one with a robust onboarding program and continues throughout your career at Enova.
See the benefits - Full-time employees receive medical, dental and vision benefits; matching 401(k); PTO; commuter benefits; flexible spending accounts for health care and dependent daycare; and more!
Be recognized - There’s plenty of room for both lateral and upward movement here at Enova. We’re always interested in promoting from within, and we keep a lookout for top talent who are ready to advance.
Get your perks - Full-time employees can receive tuition reimbursement, one-month paid sabbatical after four years, discounted massages, manicures and other perks.
Give back - We work throughout the year to partner with local charities and assist our neighbors in need. We also offer a charitable match program — allowing team members to double their impact when they donate money to charity.
Have fun - We like challenges here; maybe that’s why we have so many games, competitions and outings. There are a number of ways you can scratch your competitive itch and have fun!

Risks

Rising interest rates could reduce demand for Enova's loan products.
Increased competition from fintech startups may erode Enova's market share.
Regulatory scrutiny on non-prime lending could increase operational costs for Enova.

Differentiation

Enova uses machine learning to assess creditworthiness, offering tailored financial products.
The company collaborates with traditional banks to enhance their credit offerings.
Enova's mission-driven approach focuses on serving underserved consumers and small businesses.

Upsides

Enova's machine learning advancements improve risk assessment and competitive rate offerings.
The rise of open banking allows Enova to access consumer financial data easily.
Growing focus on financial inclusion aligns with Enova's mission, driving regulatory support.

Funding

Total raised$400.00 M
StageIPO
POST IPO DEBT
7/31/2024
$500