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The ten-year-old Chicago tech firm Enova is going public. It will trade on the NYSE as “ENVA.” Enova is also spinning off from its parent company Cash America later in November – Cash America will retain a 20% stake, but independence may finally get Enova the fanfare it has earned over a rough and exciting decade of growth.
During the widespread recession and economic turbulence of the last ten years, even responsible consumers have faced the prospect of seeking loans with damaged credit. Enova has allowed customers with sub-par ratings to seek much-needed cash infusions online, and has expanded access to credit to those with a less than perfect credit score.
In our list of the top 100 digital firms in Chicago, published Thursday, Enova clocked in strong at #4.
From simple beginnings, Enova has emerged as a market force with more than three million customers, more than 1,100 employees in Illinois, operations in six nations, and a ten-year lease on office space in the Loop.
CEO David Fisher, who took over at Enova two years ago, has seen the Chicago business community from a lot of angles. He started with Prism in 1997 and has since worked with optionsXpress, Potbelly Sandwich Works, and Grubhub.
"We believe our lending platform sets us apart from competitors and does a better job providing choices for borrowers because of our advanced risk analytics and the data we have collected over ten years of online lending experience,” said Fisher in a statement. “Those capabilities, combined with our commitment to trustworthy and transparent lending and customer service, are what have allowed Enova to consistently launch innovative new products into new markets year after year.”
