Enova Withdraws Grasshopper Acquisition Bid
Enova International (NYSE: ENVA) announced on Monday that it has withdrawn its applications filed with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to acquire Grasshopper Bancorp. The withdrawal was attributed to regulatory challenges, specifically the lack of clear standards for non‑bank entities seeking to become banks and serve customers whose credit needs are largely outside the traditional banking system. CEO Steve Cunningham stated that after a thorough evaluation the company concluded that withdrawing the applications is the best decision for Enova and its shareholders, and that the firm’s future growth does not depend on becoming a bank.
Following the announcement, Enova’s shares fell 3.9% in after‑hours trading on Monday.
The company reaffirmed its full‑year 2026 guidance, projecting revenue growth of 20%‑25% and adjusted earnings‑per‑share (EPS) growth of 30%‑35% year‑over‑year. For the third quarter of 2026, Enova expects revenue growth of approximately 25% and adjusted EPS growth of about 30% year‑over‑year.
Chief Financial Officer Scott Cornelis indicated that Enova will accelerate its share‑repurchase programme for the remainder of 2026. As of 30 June 2026, the company had $218 million available for repurchases under its senior note covenants and an additional $349 million authorized by the Board, with the latter authorization expiring on 30 June 2027.