Eltropy, a US-based digital communication platform for credit unions, has acquired fellow fintech firm POPi/o, which specialises in video banking. The terms of the deal were not disclosed.
Together, the two firms serve more than 400 credit unions in the US, helping them “deliver on the promise of digital transformation”, says Ashish Garg, co-founder and CEO of Eltropy.
“During the pandemic, credit unions faced the twin challenges of finding new ways to connect with their members remotely while continuing to streamline in-branch services,” he observes.
“By joining forces with POPi/o, we’re empowering credit unions to build robust virtual branch capabilities and serve members anytime, anywhere, in the channel of their choice.”
With the addition of POPi/o’s video banking and contact centre technology, Eltropy says it can provide credit unions with a single platform for automated, artificial intelligence (AI) driven text messaging, video banking, and secure chat, as well as chatbots, co-browsing, live observe, and screen sharing capabilities, and e-verify, e-notary, e-sign, and video cheque deposit services.
Eltropy was founded in 2013 and is based in Milpitas, California. POPi/o is three years younger, with its HQ in Sandy, Utah.
Barb Lowman, president of CUNA Strategic Services, describes the deal as “a tremendous opportunity for the credit union industry” that will make it “an even more attractive alternative to banks”.