Upstart or LendingClub for the non-prime consumer market.

A digital-first lender like Capital One, but focused on online loans and credit for consumers across the credit spectrum, including those with less-than-perfect credit.

Like Chime for banking, but for online loans and credit products for consumers underserved by traditional financial institutions.

• Installment Loans: Financial services providing fixed-term loans repaid over several scheduled payments for consumers.
• Lines of Credit: Flexible borrowing options allowing consumers to draw funds up to a certain limit and repay over time.
• Small Business Loans: Funding solutions tailored for small and medium-sized businesses.

Enova International (symbol: ENVA) primarily serves individual customers directly rather than other companies. The company is a financial technology company that provides online financial services, including short-term loans, installment loans, and lines of credit, to consumers.

Based on their business model, Enova's major customer categories include:

• Underbanked and Credit-Challenged Consumers: Individuals who may have lower credit scores, limited credit history, or otherwise find it difficult to obtain credit from traditional financial institutions (like banks or credit unions). These consumers often seek alternative lending solutions.
• Consumers Needing Immediate Liquidity: Individuals facing unexpected expenses (e.g., medical bills, car repairs, home repairs) or short-term cash flow gaps who require quick access to funds before their next paycheck or within a short timeframe.
• Digitally-Savvy Borrowers Seeking Convenience: Individuals who prioritize the speed, ease, and fully online process of applying for and managing financial products, bypassing traditional brick-and-mortar banking experiences.

• Equifax (EFX)
• Experian (EXPN.L)
• TransUnion (TRU)

David Fisher, Chairman of the Board and Chief Executive Officer

David Fisher joined Enova as CEO in 2013 and also serves on the company's Board. Prior to Enova, he was CEO of optionsXpress Holdings, Inc., spearheading its sale to Charles Schwab in 2011 for $1.4 billion. He also held roles as CFO, President, and CEO at optionsXpress from 2004 to 2012. Earlier in his career, he served as CFO of Potbelly Sandwich Works and CFO and General Counsel for Prism Financial Corporation. Mr. Fisher has served on the Boards of Directors of InnerWorkings, Inc. and GrubHub, Inc., among others. He holds a JD from Northwestern University and a BS in Finance from the University of Illinois.

Steven Cunningham, Chief Financial Officer

Steven Cunningham joined Enova as Chief Financial Officer in 2016. Before joining Enova, he served as Executive Vice President and Chief Risk Officer at Discover Financial Services until 2016, and also as Senior Vice President and Corporate Treasurer at Discover. His experience also includes serving as CFO for Harley-Davidson Financial Services and CFO for Capital One's Auto Finance and Banking segments. Mr. Cunningham has held senior finance leadership roles at Capital One and the Federal Deposit Insurance Corporation. He joined the CFO Advisory Board of Bain Capital Ventures in May 2024 and has served on the Board of Directors of AgriBank since January 2022. He earned an MBA from George Washington University and a BS in Corporate Finance and Investment Management from the University of Alabama.

Kirk Chartier, Chief Strategy Officer

Kirk Chartier joined Enova in 2013 and serves as the company's Chief Strategy Officer, responsible for business development, public affairs, and strategic initiatives. Prior to Enova, he was EVP & CMO at optionsXpress, where he led global marketing and business development and the subsequent integration into Charles Schwab following its sale. His career spans over 30 years in financial services and technology companies, including Charles Schwab, Dell Technologies, and Safeco Insurance. He previously served as interim global product marketing leader at Electronic Data Systems and Senior Managing Principal for Strategy at Zyman Group. Mr. Chartier is a former U.S. Marine Corps officer and combat pilot. He holds an MBA from Syracuse University, a BA in economics from Holy Cross, and a BS in engineering from Worcester Polytechnic Institute.

Joe DeCosmo, Chief Analytics and Technology Officer

Joe DeCosmo serves as Enova International's Chief Analytics and Technology Officer. He is recognized for his expertise in digital decision-making technology and real-time predictive analytics.

Sean Rahilly, Chief Compliance Officer and General Counsel

Sean Rahilly is the Chief Compliance Officer and General Counsel at Enova International, Inc.

The key risks to Enova International (ENVA) are:

1. Legal and Regulatory Risk: Enova operates in a highly regulated online lending environment, serving non-prime consumers and small businesses. This exposes the company to significant risks from changes in international laws or regulations, new legislation, or increased scrutiny of personal data usage for credit underwriting. Non-compliance with applicable regulations could materially and adversely affect their business, operations, financial condition, and cash flows, potentially restricting their ability to continue current operations.
2. Credit Risk and Credit Quality Management: A core aspect of Enova's business involves lending to riskier customers in the non-prime and small business segments. While the company has demonstrated strong growth, the inherent credit risk necessitates constant management to maintain credit quality, particularly in volatile economic environments. The consolidated net charge-off ratio, which was 8.5% as of Q3 2025, represents a substantial cost of doing business in this sector, and any tightening of credit conditions or macroeconomic shocks could further elevate losses from non-prime borrowers.
3. Macroeconomic and Political Risk: Economic downturns, shifts in consumer spending, or political instability in the countries where Enova operates, such as Brazil, can negatively impact their customers' ability to repay loans. This could lead to higher default rates, increased loan losses, and ultimately affect Enova's financial performance.

• Increased Regulatory Scrutiny and Potential for Stricter Lending Laws/Rate Caps: The regulatory environment for non-prime lending continues to intensify, particularly from the Consumer Financial Protection Bureau (CFPB) which has demonstrated a renewed focus on "junk fees" and high-cost credit products. This trend, coupled with ongoing state-level legislative efforts to cap interest rates or impose stricter lending standards, presents an emerging threat of reduced profitability or restricted market access for Enova's business model.
• Expansion and Mainstreaming of Buy Now, Pay Later (BNPL) Services: BNPL services offer an alternative for consumers needing short-term financing for retail purchases, often with interest-free or low-interest installment plans. As BNPL providers continue to grow, integrate with more merchants, and expand their offerings, they present a competitive threat by diverting a segment of consumers who might otherwise seek high-APR installment loans for similar purchasing needs.

Enova International (symbol: ENVA) operates in several key markets, primarily focusing on online financial services for non-prime credit consumers and small businesses. The addressable market sizes for their main products and services, predominantly in the U.S. and globally for small business lending, are as follows:

U.S. Consumer Lending Market

• U.S. Subprime Unsecured Lending: The total addressable market for U.S. Subprime Unsecured lending is estimated at over $30 billion.
• U.S. Near Prime Lending: The total addressable market for U.S. Near Prime lending is estimated at over $45 billion, with over 18% of U.S. borrowers having near-prime credit.
• U.S. Personal/Installment Loans: The broader U.S. personal loan market, which includes installment loans, reached $356 billion by the end of 2022. Fintech-issued loans constituted approximately $50 billion, or 14%, of these personal loans at the end of 2022. Total balances for personal loans in the U.S. hit a record $269 billion in Q3 2025.
• U.S. Installment Lending: The U.S. installment lending market is forecast at $212 billion.

Small Business Lending Market

• U.S. Small Business Lending: The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to grow to $349.64 billion by 2033, with a compound annual growth rate (CAGR) of 3.4% from 2024 to 2033. Another estimate for the total value of the U.S. small business lending market, as of 2022, is $1.4 trillion, according to the Consumer Financial Protection Bureau (CFPB).
• Global Small Business Lending: The global small business lending market is expected to grow at a CAGR of 13% from 2024 to 2032, reaching a market size of $7.22 trillion.

Enova International (ENVA) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Growth in Small Business Lending: Enova is experiencing significant expansion in its small business lending segment, with revenue in this area increasing substantially year-over-year. This growth is fueled by strong demand within the small business market, where confidence remains high, and a considerable portion of businesses seek funding from non-bank lenders due to traditional bank denials. Enova is actively focusing on and benefiting from this robust market opportunity.
2. Expansion of Combined Loan and Finance Receivables and Originations: A direct driver of Enova's revenue is the consistent growth in its total company combined loan and finance receivables balances and originations. The company has reported significant year-over-year increases in both these metrics, indicating a healthy expansion of its lending portfolio.
3. Leveraging Advanced Machine Learning and Analytics: Enova's proprietary machine learning models and world-class analytics are central to its ability to process credit applications efficiently, manage risk effectively, and deliver diversified financial services. This technological advantage allows Enova to maintain stable credit quality while achieving significant portfolio growth across its consumer and small business segments.
4. Serving Underserved Non-Prime Consumer and Small Business Markets: Enova targets a large market of consumers and small businesses that are not adequately served by traditional banks. The company's online-only business model and tailored product offerings allow it to access and expand within these substantial markets, providing a fundamental basis for continued customer acquisition and revenue growth.

Share Repurchases

• Enova's Board of Directors authorized a new $300 million share repurchase program in August 2024, which is set to expire on December 31, 2025, replacing an existing $300 million program.
• During the first six months of 2024, the company repurchased approximately $201 million of shares.
• In 2024, Enova repurchased 4.2 million shares at a cost of approximately $274.5 million, and in the fourth quarter of 2024, $51 million of common stock was repurchased.
• In 2023, Enova repurchased $28 million of common stock in the second quarter and $38 million in the third quarter. The company repurchased nearly $140 million of its shares during 2022.

Share Issuance

• Enova granted Restricted Stock Units (RSUs) to company officers, certain employees, and non-management members of the Board of Directors during 2022, 2023, and 2024. Each vested RSU entitles the holder to receive a share of the common stock.

Outbound Investments

• Enova has expanded its product offerings organically and through strategic acquisitions.
• The company's acquisition of OnDeck, mentioned as being five years ago in a 2024 earnings call, contributed to the diversification of its online-only model. (Note: The OnDeck acquisition occurred in October 2020, at the very beginning of the 3-5 year window or just outside depending on the precise start date used).

Capital Expenditures

• Enova's business is characterized by low capital intensity.
• Capital expenditures were $29.674 million in 2021, $43.629 million in 2022, and $45.241 million in 2023.