Enova slides after pulling out of Grasshopper Bancorp acquisition

A growing number of fintechs, neobanks and digital-asset firms are seeking bank charters as they look to expand their role in the financial system.

All seven brokerages covering the stock rate "buy" or higher; median PT is $275, according to data compiled by LSEG. As of the last close, ENVA stock was up 44% year to date.

Chicago-based ENVA struck a $369 million deal last year for Grasshopper Bancorp, a transaction that would have given it access to a national banking charter.

"Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system," CEO Steve Cunningham says.

Fintech Enova International's ENVA.N shares slump 19% to $183.50 in extended trading after the company withdrew applications with U.S. banking regulators regarding its proposed acquisition of Grasshopper Bancorp.