Why Enova International Stock Was Plummeting This Week
It won't be pursuing banking licenses after all.
Overview
Financial services company Enova International (NYSE: ENVA) seemed headed for the investor doghouse late Thursday. The company, which focuses on lending to underserved individuals and small businesses, withdrew its applications for banking licenses.
As investors considered this a defeat for the company, they promptly and vigorously sold the stock. As of Thursday evening, according to data compiled by S&P Global Market Intelligence, its price had fallen by nearly 20% week to date.
Details
In December 2025, Enova announced it had signed a definitive agreement to acquire Grasshopper Bancorp, the holding company for a Federal Deposit Insurance Corporation (FDIC)-insured online lender Grasshopper Bank. Around that time, Enova submitted a clutch of applications to federal and state authorities for it to provide banking services as Grasshopper's would-be owner.
Source
Originally published at www.fool.com.