admin Enova announced the proposed acquisition of Pangea Universal Holdings as a next generation payments platform. Pangea’s powerful, easy-to-use mobile application provides secure, fast and affordably priced international money transfer from the U.S. to 40 countries with a focus on Latin America and Asia. This acquisition will be a definitive move in the right direction.
Significance of the Acquisition
The leading financial technology company, Enova, powered by machine learning (ML) and artificial intelligence (AI) announced its acquisition of the Chicago-based payments platform offering mobile international money transfer services- Pangea Universal Holdings. Enova serves the needs of non-prime consumers and small businesses, who are frequently underserved by traditional banks. The venture has provided more than 7 million customers with over $40 billion in loans and financing with market leading products that provide a path for them to improve their financial health. This acquisition brings Enova’s world class technology, analytics and online business expertise to the international money transfer market with a focus on Latin America and Asia, which the World Bank estimates to be a combined $71 billion per year market in remittance outflows from the U.S.
Revolutionizing Markets
The acquisition of Pangea is important as it has revolutionized the way money is transferred around the world. They have transformed the customer experience in this growing market, as consumers increasingly choose online money transfer solutions instead of relying on brick-and-mortar storefronts. David Fisher, Enova’s CEO, commented on this new acquisition stating, “We’re excited to bring our experience of managing online financial technology businesses to the platform Pangea has developed. Their success focusing on providing choice and control to hardworking people will be an important addition to Enova’s existing businesses. Enova will bring market-leading capabilities around high-volume transactions, marketing, mobile customer experience and, most importantly, machine learning and artificial intelligence.”
Nishu Thukral, CEO of Pangea Universal Holdings, who will continue to lead the venture also spoke on this new acquisition deal asserting, “We are proud to have helped under-banked people seamlessly complete millions of money transfers in our nearly ten year history. We are now ready to expand our reach as a part of Enova. We are well-positioned to rapidly grow and serve the millions of people seeking quick, simple, fair and safe money movement across the globe.”
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