back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Abrigo acquires BankLabs’ Construct and +Pay technologies to expand its lending automation

By Edlyn Cardoza

August 16, 2022

  • Abrigo
  • BankLabs
  • Compliance
Share

Abrigo, Loan Administration, Funding Solutions, Credit Risk, Financial Institutions, Credit Risk, Compliance, BankLabs, Construct, +Pay, Funding Solutions, Loan Origination Solution, USAAbrigo, a provider of compliance, credit risk, and lending solutions for financial institutions, purchased BankLabs’ Construct and +Pay loan administration and funding solutions, expanding Abrigo’s loan origination solution and creating an end-to-end construction origination, management, and administration platform.

“Abrigo has always focused on delivering products created out of a deep understanding of the needs of U.S. financial institutions. In BankLabs, we found a partner that produced a robust loan administration tool, developed to cover all types of commercial and residential construction loans and borrower types,” said Wayne Roberts, CEO of Abrigo.

The acquisition allows construction lenders to seamlessly integrate pre-closing origination with post-closing administration activities to automate workflows, streamline communications, and realise greater interest income through faster funding.

Mike Montgomery, BankLabs’ Founder and CEO, noted, “The acquisition realises BankLabs’ vision of partnering with financial technology leaders to help community-oriented financial institutions succeed faster than BankLabs can deliver alone. We could not have found a better partner to execute on our mission. I know Abrigo will take Construct and +Pay to new heights.”

Using the integrated Abrigo loan origination and Construct administration suite, loan officers can unlock greater efficiency and focus on strengthening relationships instead of managing spreadsheets. Real-time reporting, alerts, and detailed audit trails improve visibility and mitigate risk. +Pay manages the construction payment process for builders, general contractors, financial institutions, or any company that pays subcontractors, adding speed and eliminating mountains of paperwork.

“In partnership with The Carlyle Group and Accel-KKR, we’re doubling down on our efforts to Make Big Things Happen in the industry as we invest in our people, our products, and our service to customers. We’re thrilled to have some of the BankLabs team members join the Abrigo family, and we share their commitment to service, product excellence, and innovation. We’re equally excited about additional opportunities to collaborate with BankLabs in the future,” continued Roberts.

“We are grateful to our clients, associates, and distribution partners who helped us reach $70 billion dollars in construction loans across about 100,000 projects,” said Matt Johnner, President and Co-Founder of BankLabs. “Transitioning Construct and +Pay to Abrigo will provide even greater efficiency and interest income gains to our lenders. Abrigo’s technical and product investments will expand the commercial features, integration points, and user experiences for these products. Meanwhile, BankLabs will focus on creating new products that accelerate banks’ capability to move money, credits, and payments while growing our patented Participate product as the digital balance sheet management tool of choice.”

Previous Article

August 16, 2022

Arbor Ventures enters strategic partnership with Tokio Marine

Read More
Next Article

August 16, 2022

6 significant FinTech companies based in Romania

Read More










IBSi Daily News Analysis

September 30, 2022

Abrigo

Is sustainable/green finance needed more than ever before?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 30, 2022

Inswitch and Mastercard International partner to deliver digital payments

Read More

September 30, 2022

Verity goes live with financial literacy app for kids in the UAE

Read More

September 30, 2022

Line and Checkbook partner to introduce faster payments options to its customers

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022