Austin, Texas-based regtech Abrigo has acquired Built-in Monetary Options (IFS). Phrases of the transaction weren’t disclosed.
The acquisition will make IFS’s end-to-end lease and mortgage origination and administration automation platform, IFSLeaseWorks, out there to extra organizations and establishments.
Abrigo made its Finovate debut final yr at FinovateFall 2024 in New York.
Abrigo, a compliance, credit score threat, and lending options supplier for monetary establishments, has acquired Built-in Monetary Options (IFS). Phrases weren’t disclosed.
Built-in Monetary Options is the supplier of IFSLeaseWorks, an end-to-end lease and mortgage origination and administration automation platform. Abrigo’s acquisition will allow the agency to assist monetary establishments change into extra environment friendly by way of front- and back-office automation.
“Monetary establishments are wanting to develop whereas maintaining a tally of profitability. That’s why the automation offered by the IFS resolution is a good complement to the lending automation that Abrigo supplies to our 2,400 monetary establishments at the moment,” mentioned Jay Blandford, Abrigo Chief Govt Officer.
IFSLeaseWorks brings segments of kit and vehicular financing to Abrigo’s current mortgage origination and administration platform. The answer additionally provides to Abrigo’s set of automation instruments and boosts its asset administration capabilities. This may assist monetary establishments each diversify their portfolios and doubtlessly earn extra curiosity revenue. IFSLeaseWorks enhances effectivity and digitalization all through the complete lease and mortgage transaction lifecycle. This consists of transaction structuring and pricing via software processing, credit score decisioning, documentation, billing, assortment, and remarketing.
The acquisition comes at a time when the marketplace for tools leasing and software program within the U.S. is rising. Primarily based on analysis from the Tools Leasing & Finance Basis, the market grew at an annualized price of seven% within the second quarter of 2024. The IFS/Abrigo mixture will assist meet this demand with options that deliver digitalization and higher effectivity.
“The IFS workforce has constructed a robust software for leasing firms,” IFS founder and CEO Mitch Kaufman mentioned. “By becoming a member of with Abrigo, we see a much bigger alternative to share these capabilities with the market and proceed innovating for our shoppers.”
Based in 2000, Abrigo made its Finovate debut at FinovateFall 2024 in New York. On the convention, the Austin, Texas-based firm demonstrated its fraud detection know-how that mixes AI/ML test picture evaluation, a nationwide fraud knowledge consortium, and a configurable guidelines engine to identify altered objects, forgeries, and fraudulent checks. Abrigo’s “focused effectivity” method reduces fraud losses and protects clients whereas saving time for monetary establishment personnel.
Picture by Mitchell Kmetz on Unsplash
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