BeSmartee Enters The Commercial Market Through An Acquisition Of FlashSpread
BeSmartee, a fintech firm and provider of modern digital mortgage platforms for financial institutions, has acquired FlashSpread, a financial analysis as a service company, specializing in instant tax spreading for commercial lenders and fintech companies. FlashSpread’s commercial lending technology is a natural complement to BeSmartee’s digital mortgage platforms, and will accelerate BeSmartee’s growth strategy under which the brand has prioritized increased automation.
With FlashSpread’s technology, BeSmartee will serve the commercial lending market with an efficient data digitization and aggregation engine, enabling lenders to make error-free, data-driven, credit decisions in flash. Additionally, BeSmartee will leverage the FlashSpread technology for mortgages, converting docs to data, which will help streamline some of the company’s manual processes and improve automated decisioning.
FlashSpread’s services will remain completely uninterrupted, including access to integration and API’s. FlashSpread customers will continue to enjoy the user experience they have come to know and love. BeSmartee will continue to grow the FlashSpread application to go deeper into the commercial lending process, faster — adding resources to support a higher caliber of customer success.
With FlashSpread’s proprietary algorithms, lenders will introduce efficiencies across the commercial loan process from origination to servicing by converting scanned tax returns into customized financial reports, such as global debt service with a click of a button — “click, spread, done.”
Automation of manual processes are required at every step of the lending process — from origination to servicing. FlashSpread will remove the manual entry to help:
- Reduce time
- Eliminate errors
- Increase efficiencies
- Lift revenues
- Control costs
- Manage regulatory risks
- Increase compliance
Building on its existing momentum, FlashSpread will continue to grow its document library to support financial statements, launch a no-code reporting module to instantly deploy custom reports and release an ongoing credit monitoring tool.
“We are excited to welcome FlashSpread and Ariel Trybuch to the BeSmartee Family,” said BeSmartee CEO and Co-founder Tim Nguyen. This is an acquisition that not only brings new clients, technologies and talents to BeSmartee; but one that also sparks further innovation into all lending verticals, including mortgages, consumer and commercial. The FlashSpread team has created the absolute best docs-to-data system in the marketplace and we are excited to expand upon their strength to better the lending ecosystem.”
“Joining forces with Besmartee will allow FlashSpread to better serve the digital lending community that it has built over the last 5 years,” said FlashSpread founder and General Manager Ariel Trybuch. “Our unified vision is to create a transparent, efficient, lending process that makes lender’s lives easier. This partnership will provide the resources necessary to support the hyper-growth FlashSpread is currently experiencing, as well as allow us to provide our customers with an even higher level of customer support, rapidly introduce new features and functionality and expand our ever-growing library of supported document types. Through this strategic acquisition, we can now apply the same level of automation to the mortgage space.”
FlashSpread is currently integrated with some of the largest LOS’s in the commercial lending space and helps more than 100 financial institutions automate many of their manual processes.
FlashSpread will continue to operate independently as a product under the BeSmartee umbrella, with the company’s founder and CEO Ariel Trybuch serving as General Manager. The operating entity will be renamed, “FlashSpread, a BeSmartee Company,” and will be led by BeSmartee CEO and Co-founder Tim Nguyen.
The transaction was finalized November 3, 2021. BeSmartee plans to continue its focus on M&A activity to fuel value creation, as well as long-term growth and expansion.
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