Enova International has withdrawn its bank regulatory applications tied to the planned acquisition of Grasshopper Bancorp. The withdrawal affects the company's previously announced move to add a regulated banking platform through Grasshopper Bancorp, which had been expected to expand Enova's reach with a chartered bank focused on small businesses and digital clients. Enova International says regulatory guidelines have not kept pace with how it serves consumers and small businesses that traditional banks often miss, and management worked through the process with the OCC and Federal Reserve before choosing to withdraw the applications rather than push ahead under a framework it views as misaligned with its model. Management has reaffirmed its 2026 outlook, including expected Q3 revenue growth of around 25% and full year growth of 20% to 25%, with a business update call on 14 September 2026 providing a checkpoint on how the model is performing without the Grasshopper Bancorp acquisition.
Enova International IncEnova withdrew its bank regulatory applications for the Grasshopper Bancorp acquisition, abandoning its planned chartered-bank platform.
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