Austin, Texas-based regtech Abrigo has acquired Integrated Financial Solutions (IFS). Terms of the transaction were not disclosed.
The acquisition will make IFS’s end-to-end lease and loan origination and management automation platform, IFSLeaseWorks, available to more organizations and institutions.
Abrigo made its Finovate debut last year at FinovateFall 2024 in New York.
Abrigo, a compliance, credit risk, and lending solutions provider for financial institutions, has acquired Integrated Financial Solutions (IFS). Terms were not disclosed.
Integrated Financial Solutions is the provider of IFSLeaseWorks, an end-to-end lease and loan origination and management automation platform. Abrigo’s acquisition will enable the firm to help financial institutions become more efficient via front- and back-office automation.
“Financial institutions are eager to grow while keeping an eye on profitability. That’s why the automation provided by the IFS solution is a great complement to the lending automation that Abrigo provides to our 2,400 financial institutions today,” said Jay Blandford, Abrigo Chief Executive Officer.
IFSLeaseWorks brings segments of equipment and vehicular financing to Abrigo’s existing loan origination and management platform. The solution also adds to Abrigo’s set of automation tools and boosts its asset management capabilities. This will help financial institutions both diversify their portfolios and potentially earn additional interest income. IFSLeaseWorks enhances efficiency and digitalization throughout the entire lease and loan transaction lifecycle. This includes transaction structuring and pricing through application processing, credit decisioning, documentation, billing, collection, and remarketing.
The acquisition comes at a time when the market for equipment leasing and software in the U.S. is growing. Based on research from the Equipment Leasing & Finance Foundation, the market grew at an annualized rate of 7% in the second quarter of 2024. The IFS/Abrigo combination will help meet this demand with solutions that bring digitalization and greater efficiency.
“The IFS team has built a powerful application for leasing companies,” IFS founder and CEO Mitch Kaufman said. “By joining with Abrigo, we see a bigger opportunity to share these capabilities with the market and continue innovating for our clients.”
Founded in 2000, Abrigo made its Finovate debut at FinovateFall 2024 in New York. At the conference, the Austin, Texas-based company demonstrated its fraud detection technology that combines AI/ML check image analysis, a nationwide fraud data consortium, and a configurable rules engine to spot altered items, forgeries, and fraudulent checks. Abrigo’s “targeted efficiency” approach reduces fraud losses and protects customers while saving time for financial institution personnel.
Photo by Mitchell Kmetz on Unsplash
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