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Twenty state AGs urged the OCC, FDIC, and Fed to block OppFi's and Enova's bank acquisitions. What the fight over fintech bank acquisitions means for SMB lending.

Enova (ENVA) to acquire Grasshopper Bank for $369M. We analyze the cost of capital benefits and how becoming a bank exempts them from state laws like Texas HB 700.

Enova's small business lending, including business units OnDeck and Headway Capital, has reached a new record, with small and medium-sized business (SMB) offerings constituting approximately two-thirds of the company's loan portfolio. SMB revenue alone increased by 30% year-over-year to a record $326 million, and SMB originations hit a record $1.2 billion in Q2.