AUSTIN, TX, August 15, 2022 /PRNewswire/ — Abrigo, the leader in compliance, credit risk and lending solutions for financial institutions, has purchased Construct and +Pay loan administration and finance solutions from BankLabs, expanding the award-winning solution Abrigo’s loan origination and creating an end-to-end solution platform for origination, management and administration of the final construction.
The acquisition enables construction lenders to seamlessly integrate pre-closing origination with post-closing administration activities to automate workflows, streamline communications and realize greater interest revenue through a faster funding.
“Abrigo has always been focused on providing products created from a deep understanding of the needs of American financial institutions. In BankLabs, we found a partner who produced a robust loan administration tool, developed to cover all commercial and residential construction loan types and borrower types,” said Wayne RobertCEO of Abrigo.
Mike MontgomeryFounder and CEO of BankLabs, said, “The acquisition delivers on BankLabs’ vision to partner with fintech leaders to help community-driven financial institutions achieve success faster than BankLabs can do alone. We couldn’t have found a better partner to execute our mission. know that Abrigo will take Construct and +Pay to new heights.”
With Abrigo’s integrated Construct loan origination and administration suite, loan officers can become more efficient and focus on building relationships instead of managing spreadsheets. Real-time reports, alerts, and detailed audit trails provide better visibility and mitigate risk. +Pay manages the construction payment process for builders, general contractors, financial institutions, or any business that pays subcontractors, adding speed and eliminating mountains of paperwork.
“In partnership with The Carlyle Group and Accel-KKR, we are redoubling our efforts to do great things in the industry as we invest in our people, our products and our customer service. We are delighted to have some members of the BankLabs team are joining the Abrigo family, and we share their commitment to service, product excellence and innovation.We are also excited for additional opportunities to collaborate with BankLabs in the future,” said Roberts.
“We are grateful to our customers, associates and channel partners who have helped us achieve $70 billion of construction loans in approximately 100,000 projects,” said Matt Johner, President and co-founder of BankLabs. “The transition from Construct and +Pay to Abrigo will deliver even more efficiency and interest income to our lenders. Abrigo’s technical and product investments will expand the business functionality, integration points and user experiences of these During this time, BankLabs will focus on creating new products that accelerate banks’ ability to transfer money, credit and payments while developing our patented Participate product as a balance sheet management tool. digital of choice.
Construct and +Pay join a strong and growing portfolio and will continue to enhance the value Abrigo brings to both its customers and the industry.
About Build and + Pay
The Construct product is an easy-to-use, web-based software solution that automates the process of managing construction loans for residential and commercial projects. Accessible from any mobile device or computer, it eliminates paper files and spreadsheets, improves productivity for loan officers and loan administrators, and enhances the experience for borrower, builder and others stakeholders.
+Pay automates the construction payment flow for institutions that pay subcontractors on behalf of their trusted builders. It improves efficiency by routing invoice approval and electronic signature for lien waivers, differentiating the institution from builders and subcontractors and creating new revenue opportunities.
About Abrigo
Abrigo enables US financial institutions to support their communities with technology that fights financial crime, increases lending and deposits, and optimizes risk. Abrigo’s platform centralizes institution data, creates a digital user experience, ensures compliance, and delivers efficiency for large-scale, profitable growth. Abrigo has obtained strategic growth investments from funds managed by Accel- KKR and carlyle (NASDAQ: CG). Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
About Bank Labs
BankLabs provides community banks with state-of-the-art technologies that help increase efficiency, improve profitability and improve market relationships. BankLabs is committed to building platforms that streamline lending processes for banks so you can get back to what really matters: serving your customers and your community. BankLabs’ latest product, Participate, is the first patented loan participation and balance sheet management tool for community banks that brings buyers and sellers of loan participations together on a single platform.
SOURCEAbrigo
