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Eltropy Acquires Lexop to Modernize Loan Repayment and Collections for Credit Unions and Community Banks
- Eltropy, a unified conversations platform for community financial institutions, has acquired collections technology provider Lexop.
- By combining Lexop’s technology with Eltropy’s AI-powered communications platform, the acquisition will modernize debt repayment and collections.
- This will help reduce and prevent delinquencies and enhance borrower experiences.
- The combined company will offer a self-serve solution that prevents avoidable delinquency by making it extremely easy to make payments with two clicks on a phone before the due date.
- Traditional loan repayment methods are outdated and inefficient, posing a risk to the US financial system.
- Digital wallets, meanwhile, have emerged as the fastest-growing payment method in the US.
- The collaboration will update collections into the modern era and offer members a digital-first experience similar to other banking interactions.
- Eltropy’s acquisition of Lexop is the company’s third, following Marsview's and POPi/o's in 2022.
- Together, these acquisitions have allowed Eltropy to create a comprehensive unified platform that serves the needs of community financial institutions.
- The financial terms of the acquisition have not been disclosed.
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