Abrigo expands lending automation with acquisition of BankLabs' Construct and +Pay technologies

AUSTIN, Texas, Aug. 15, 2022 /PRNewswire/ -- Abrigo, the leader of compliance, credit risk, and lending solutions for financial institutions, purchased BankLabs' Construct and +Pay loan administration and funding solutions, expanding Abrigo's award-winning loan origination solution and creating an end-to-end construction origination, management, and administration platform.

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

"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.

Mike Montgomery, BankLabs' Founder and CEO noted "the acquisition realizes 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 provide improved 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," said 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."

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.

The Construct product is an easy-to-use, web-based software solution that automates the construction loan management process for residential and commercial projects. Accessible from any mobile device or computer, it eliminates paper files and spreadsheets, improves loan officer and loan admin productivity, and improves the experience for the borrower, builder, and other stakeholders.

+Pay automates the construction payment stream for institutions paying subcontractors on behalf of their trusted builders. It improves efficiency through approval routing of invoices and eSignature for lien waivers, differentiating the institution with builders and subcontractors and creating new income opportunities.

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth. Abrigo has secured 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.

BankLabs provides community banks with state-of-the-art technologies that help increase efficiency, improve profitability, and enhance in-market relationships. BankLabs is committed to creating platforms that streamline loan 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 onto a single platform.

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SOURCE Abrigo