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In what’s being called “a better way for people to pay their debt obligations,” officials with the digital communications platform company Eltropy announced Monday it has acquired the collections technology company Lexop.
According to Eltropy leaders, the move aligns with three important and critical trends currently reshaping the financial services industry: Digital wallets, artificial intelligence and self-serve/self-cure payment experiences.
The Santa Clara, Calif.-based Eltropy said the acquisition will combine innovative technology from the Montreal, Quebec, Canada-based Lexop with Eltropy’s AI-powered communications platform and will help “modernize debt repayment and collections,” therefore helping credit unions reduce and prevent delinquencies.
Financial details of the acquisition were not disclosed.
“The world needs a better way for people to pay their debt obligations. Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time,” Ashish Garg, CEO/co-founder of Eltropy, said. “By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”
Lexop CEO/Co-Founder Amir Tajkarimi added, “We built Lexop to create 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.”
According to Monday’s announcement, with the acquisition of Lexop, “Eltropy now has a self-serve solution that prevents avoidable delinquency by making it extremely easy to make payments with two clicks on their phone before the due date, because prevention is better than cure.”
The statement said, “For borrowers who do get into delinquency because of adverse life events, Eltropy will now enable meaningful conversations that lead to faster, higher collections while preserving dignity and trust.”
Officials at Eltropy also noted that all Lexop employees will be absorbed into Eltropy. “We are really excited about the quality of talent we are acquiring,” Garg said.
Art Sookazian, president of National Credit Union Collections Alliance 2024, welcomed the announcement and noted that debt collection is long overdue for a makeover.
"In my 20-plus years working with credit unions, the collections process has in large part remained stubbornly stuck in the past," Sookazian said. "What excites me about this Eltropy-Lexop combination is that it 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. This isn't just about better recovery rates – it's about treating our members with dignity during their toughest financial moments."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
