Eltropy acquires Canada’s Lexop to modernise collections for credit unions
Digital communications platform Eltropy has acquired Canadian fintech Lexop with the aim of modernising loan repayments and collections for credit unions and other community financial institutions (CFIs) in North America.
Eltropy acquires Lexop for undisclosed sum
The deal will see Lexop’s digital payment and collection solutions integrated with Eltropy’s AI-powered communications platform.
This combination, Eltropy says, will culminate in a self-serve solution that CFIs can use to offer two-click, mobile-based loan repayments, with its AI-powered chatbot and digital communications tech facilitating “meaningful conversations” with borrowers entering delinquency.
“The world needs a better way for people to pay their debt obligations,” Ashish Garg, CEO and co-founder of Eltropy, explains. “Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time.”
Garg continues: “By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”
The combined company will operate between Eltropy’s headquarters in Santa Clara, California and Lexop’s headquarters in Montreal, Quebec. The financial terms of the deal have not been disclosed.
Lexop marks Eltropy’s third acquisition to date, following the fintech’s previous acquisitions of video banking tech firm POPi/o and Marsview AI, which offers a conversation intelligence API platform, in 2022.
Eltropy leveraged these purchases to enhance its AI chatbot offering, which was then selected by more than 25 credit unions and community banks the following year.
