As North American consumer debt surges to record-breaking levels, Eltropy, an AI-powered conversations platform for community financial institutions, has acquired Montreal’s Lexop, a provider of digital collections technology for credit unions.
The Silicon Valley-based Eltropy says the strategic acquisition aligns with key trends currently reshaping financial services. These trends include digital wallets such as Apple Pay, artificial intelligence technology, and self-serve payment experiences.
The California firm believes that combining Lexop’s innovative technology with its own flagship AI platform, the partnership will modernize debt repayment and collections by reducing delinquencies while enhancing borrower experiences.
In essence, the vision is that paying debts should be as easy as making a retail payment with your Apple Watch.
“The world needs a better way for people to pay their debt obligations,” says Ashish Garg, cofounder and chief executive officer of Eltropy.
Garg says traditional experiences, often involving multiple phone calls, “are extremely inconvenient for the borrower.”
“By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy,” he believes.
With Lexop, Eltropy now has a self-serve solution that prevents avoidable delinquency by making it easy to make payments with two clicks on their phone.
“We built Lexop to create a better past-due member experience,” explains CEO Amir Tajkarimi. “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.”
Art Sookazian, President of National Credit Union Collections Alliance, says the transaction “finally brings collections into the modern era.”
“Credit unions can now offer members in financial difficulty the same digital-first experience they’ve come to expect from every other banking interaction,” he noted. “This isn’t just about better recovery rates; it’s about treating our members with dignity during their toughest financial moments.”
This is Eltropy’s third acquisition, following its acquisitions of POPi/o and Marsview in 2022.
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