Enova Walks Away From Its $369M Bank Acquisition
Hey Digital Banking Fanatic!
Not every fintech wants to become a bank — and Enova just made that pretty clear.
The online lender has withdrawn its applications with the OCC and Federal Reserve for its proposed $369 million acquisition of Grasshopper Bancorp, roughly 10 months after announcing the deal.
Enova says becoming a bank isn’t necessary for its future growth, while its CEO argues that the current regulatory framework doesn’t provide enough clarity for nonbanks looking to enter banking.
It’s an interesting reminder that getting a banking charter can bring new opportunities — but also a very different regulatory reality.
And while one fintech is stepping back from banking, another is expanding its reach faster than ever. Revolut has just become the world’s most downloaded finance app.
Here’s what else is happening in digital banking 👇
See you tomorrow!
Cheers,
INSIGHTS
💡 The World’s Most Downloaded Finance App. Revolut has become the world’s most downloaded finance app, with nearly 4.8M iOS downloads outside China over the past 60 days, according to Sensor Tower. Its growth is increasingly global, spanning Europe, the US, Latin America, Asia, and Australia, marking a major milestone in Revolut’s expansion beyond its European roots.
NEWS
🇪🇺 Mifundo and Yapily bring open banking data into cross-border credit, targeting Europe's 45 million mobile citizens. The partnership aims to support more complete credit assessments for people with financial histories across multiple countries, addressing a €719B lending market.
🇺🇸 Lenders Cooperative integrates Mastercard Open Finance into its unified commercial lending platform. The integration provides borrower-permissioned access to data from roughly 95% of U.S. deposit accounts, helping streamline underwriting and portfolio monitoring.
🇦🇹 Klarna teams up with Alza. at, bringing flexible payments to Austrian shoppers. Alza. at customers can now pay in full, in 30 days, in three interest-free installments, or via financing at checkout. Read more
🇺🇸 Enova scraps its proposed acquisition of Grasshopper Bank, ending the planned deal. The online lender has walked away from the transaction without disclosing specific reasons. Keep reading
🇬🇧 Monzo introduces Aura, described as the UK's first credit card that auto invests cashback. The product channels spending rewards directly into investments as cardholders spend.
🇨🇭 Revolut applies for a Swiss banking licence and commits CHF 150 million investment. The move would extend Revolut's regulated banking presence into Switzerland, adding to its growing list of European licences.
🇺🇸 FIS builds core banking momentum across a new $100B bank and five new charters. The FDIC approved 14 deposit insurance applications in the 12 months through April 2026, double the prior year, with FIS capturing a significant share of new launches.
🇬🇧 Revolut and N26 alumni launch Quartz, an AI personal banking app. The new venture aims to bring AI native features to everyday consumer banking in the UK market.
🇬🇧 Zopa unveils what it calls the UK's most helpful banking AI, an always-on assistant for its Biscuit customers. The "Ask" feature uses agentic architecture to complete tasks like sending money, splitting bills, and setting savings goals via natural language.
🇺🇸 Reseda Group launches Bolt, a new BaaS platform, with TAPP Engine as its first FinTech partner. Bolt connects TAPP Engine's cash management solutions to MSU Federal Credit Union as the Financial Institution of Record. Read more
🇬🇧 Wirex One launches publicly on Arc, bringing stablecoin private banking to the mass affluent market. The platform amassed over 20,000 users in closed beta and now offers card cashback, yield, and transfers. Read more
🇩🇪 Deutsche Bank to launch digital asset custody for institutional clients, managing wallets and private keys on their behalf. The service targets European institutions and corporates, with first clients expected to go live this year.
🇫🇮 Saldo Bank and finperks partner to drive rewards and cashback to users in Finland and beyond. Saldo Bank customers gain instant access to rewards from international brands powered by finperks' API. Read more
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