Eltropy Adds ‘People-First’ Collections Technology With Acquisition of Lexop

Eltropy acquired Lexop, saying the combination of the companies’ technologies will help community financial institutions (CFIs) reduce and prevent delinquencies, collect faster and enhance borrower experiences.

The acquisition will add Lexop’s collections technology to Eltropy’s artificial intelligence-powered unified conversations platform, the companies said in a Monday (Jan. 6) press release.

The combination of these tools will offer community financial institutions a better way to handle loan repayment and collections, according to the release.

“Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time,” Eltropy CEO and co-founder Ashish Garg said in the release. “By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”

With the addition of Lexop, Eltropy now has a self-service solution that enables borrowers to make payments with two clicks on their phone, according to the release.

This capability joins Eltropy’s member servicing platform that enables automated AI-driven intelligent payment reminders before and after the due date; engagement via text, email and voice; 24/7 self-service payments through digital wallets and custom-branded payment portals; real-time settlement and reporting; and detailed dashboards that provide actionable insights to lending, collections and finance teams, per the release.

“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,” Lexop CEO and co-founder Amir Tajkarimi said in the release.

In an earlier acquisition, Eltropy bought video banking relationship startup POPi/o in June 2022, saying the move would support Eltropy’s digital communications platform and help its clients meet their members’ needs online and in-person at a branch.

The company also acquired conversational intelligence AI platform Marsview in August 2022, saying the addition of this technology would offer community financial institutions a single solution that facilitates the digital experience for their customers with the help of both human and virtual agents.

In its Monday press release, Eltropy said: “Together, these acquisitions have allowed Eltropy to build a powerful, all-in-one unified platform that serves the needs of community financial institutions.”