With its acquisition of financial analysis as a service company FlashSpread, digital mortgage platform BeSmartee’s ability to deliver a complete, digital lending experience just got that much more complete.
“We are excited to welcome FlashSpread and Ariel Trybuch to the BeSmartee family,” CEO and co-founder of BeSmartee Tim Nguyen said in a statement. “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.”
Founded in 2017 and headquartered in Glendale, California, FlashSpread specializes in instant tax spreading for commercial lenders and fintechs. The company’s proprietary algorithms enable lenders to convert scanned tax returns into customized and comprehensive financial reports with the click of a button. The technology brings significant efficiencies to the commercial loan process – from origination to servicing – and empowers lenders to make accurate, data-driven credit decisions quickly.
Via its acquisition of FlashSpread, BeSmartee will be able to accelerate its growth strategy, prioritizing increased automation as it expands into the commercial lending space. FlashSpread is integrated with some of the largest loan origination systems in the commercial lending industry, with more than 100 financial institutions relying on its technology to automate manual processes. Post-acquisition, FlashSpread will continue independently to serve customers as a “BeSmartee Company” with FlashSpread founder and CEO Ariel Trybuch taking on the role of General Manager.
“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,” Trybuch said. The company will continue growing its document library to support a broader range of financial statements, as well as launch a no-code reporting module to offer instant custom reports, and unveil an ongoing credit monitoring tool.
BeSmartee’s acquisition announcement comes just days after the company reported a partnership with Freddie Mac. The Huntington Beach-based fintech will integrate Freddie Mac’s automated underwriting system, Loan Product Advisor, improving workflows for lenders by automating risk assessment, and both asset and income data review. The integration will also improve lenders’ ability to make smart business decisions, leveraging actionable insights from Loan Product Advisor’s rich data visualization features.