Enova International acquires payments platform Pangea Universal

Enova International, a financial technology company, has acquired Pangea Universal, a payments platform based in Chicago that provides mobile international money transfer services.

The financial terms of the deal were not disclosed.

Enova International said that the transaction brings it world class expertise in technology, analytics, and online business to the global money transfer market with a focus on Latin America and Asia.

David Fisher – Enova International CEO said: “We’re excited to bring our experience 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.”

Pangea Universal, through its mobile application, offers secure, quick, and reasonably priced international money transfer from the US to 40 countries.

Its customers can directly transfer funds into bank accounts or have cash collected from partners in minutes.

The payments platform provider is said to have facilitated the transfer of more than $161 million from the US, while witnessing a growth of 66% in new customers last year.

Pangea Universal also provides an online checking account for US customers that is said to further bring down the cost and friction of money transfer.

Nishu Thukral – CEO of Pangea Universal said: “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.

“We are well-positioned to rapidly grow and serve the millions of people seeking quick, simple, fair and safe money movement across the globe.”