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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.