- 1Enova originated $1.2B in small business loans in Q2 2025, the fourth time it has topped $1B.
- 2Fisher cited stable credit and a smaller field of competitors in SMB lending.
- 3Fisher becomes Executive Chairman on January 1, 2026; CFO Steve Cunningham becomes CEO.
Enova originated $1.2 billion in small business loans in the second quarter of 2025, the fourth time its SMB segment has cleared the $1 billion mark, and CEO David Fisher says it has not taken much strain.
A steady quarter
Asked on the earnings call why the segment keeps performing so consistently, Fisher pointed to a couple of rock-solid quarters in a row and credit he described as incredibly stable. With credit steady and the company in a strong competitive position, he said, origination growth comes easily: "It's almost like running downhill."
He added that competition on the small business side is steadier than elsewhere. There are fewer players, the company knows who they are, and brand matters more, which he said helps stabilize Enova's position in SMB.
Marketing has gone digital
Fisher also described how the company's advertising has shifted. A decade ago Enova ran a lot of national TV. Today it is almost entirely digital TV, which can be targeted by city, by state and by audience group within a market. That fits Enova's data-driven modeling, he said, because it can feed details such as state, time of day and programming type into its algorithms and market more efficiently.
It's almost like running downhill. It's not like you're trying that hard. It just kind of happens.
Leadership change
Fisher will retire as CEO and become Executive Chairman effective January 1, 2026, according to a company announcement. On the call he said the business is on stable footing and that the timing was simply right. CFO Steve Cunningham will take over as CEO.
Source reporting: deBanked.
