Enova, best known for short term consumer loans, is acquiring OnDeck, one the leading online small business lenders, in a $90 million cash and stock deal; both companies are publicly traded but Enova has deep roots in short term consumer loans and has only a tiny small business lending operation in comparison to OnDeck; that will change after the acquisition when Enova’s loan book goes from 15% small business to 60%. OnDeck has been in a very tough position since the start of the pandemic and it was an open secret that they were shopping themselves around; Enova was an unlikely choice but they are in a solid position financially and it gives OnDeck a home where they can be in a position to thrive again. Lend Academy.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.