Enova/OnDeck Originated $580M in Q4 Small Business Loans

Enova reported Q4 small business loan originations of $580M in its latest quarterly earnings report.

“As is evident by these numbers, our acquisition of OnDeck continues to pay dividends,” said Enova CEO David Fischer. “SMB Q4 originations were 26% higher than Q3 and 99% higher than a year ago, as it was enabled to effectively leverage the strong OnDeck brand and expertise.”

The company’s cost of funds has shrank from 8.3% in the 4th quarter of 2020 to 6.5% in the 4th quarter of 2021. This was made possible in part by adding a new two-year $150M revolving warehouse with JP Morgan.

Enova’s overall small business lending operation is complemented by a consumer arm. As of year-end 2021, small business lending represented 52% of the company’s portfolio while 48% was attributable to the consumer side.

“Within consumer, line of credit products represented 31%, installment products accounted for 67%, and short-term loans represented just 2%,” Fischer said.

Enova finished Q4 with a net income of $49M and full-year 2021 with a net income of $256M.