Enova International, a financial technology company powered by machine learning and artificial intelligence, has acquired Pangea Universal Holdings, a Chicago-based payments platform offering mobile international money transfer services. This acquisition brings Enova’s technology, analytics and online business background to the international money transfer market with a focus on Latin America and Asia.
“We’re excited to bring our experience managing online financial technology businesses to the platform Pangea has developed,” said David Fisher, Enova’s CEO. “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.”
“We are proud to have helped underbanked 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,” said Nishu Thukral, CEO of Pangea Universal Holdings, who will continue in his role leading the business. “We are well-positioned to rapidly grow and serve the millions of people seeking quick, simple, fair and safe money movement across the globe.”