Eltropy has announced the acquisition of Lexop. Terms of the deal were not immediately available.
Eltropy is a unified conversation platform for financial services firms. It currently serves over 650 community banks and credit unions in the US. Lexop is a technology provider for collections.
Eltropy claims that the acquisition will enable its AI-powered communications platform to “modernize debt repayment and collections, helping CFIs reduce and prevent delinquencies, collect faster while enhancing borrower experiences.”
Amir Tajkarimi, CEO and co-founder of Lexop, says they created Lexop to provide a “better past due member experience.”
“By joining Eltropy, we are reinventing loan repayment and collections, helping credit unions and community banks improve recovery rates while preserving relationships with their members. We have been watching Eltropy take the CFI world by storm and could not be more excited to join hands.”
While consumer debt is at a record high, traditional repayment methods tend to use outdated collection processes.
Eltropy says they will be able to automate much of the process while engaging with customers via email, voice, and text.
Eltropy notes this is its third acquisition, following its acquisitions of POPi/o and Marsview in 2022.