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.
