- 11 new B2B license agreements signed in July
- Jim Chan appointed as new COO & CTO
Vancouver, BC – August 03, 2022 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (the “Company” or “Marble”), an AI-driven financial technology Company, is pleased to provide a business update with 11 new license agreements completed, 10 with our open banking proprietary software platform, Inverite Verification Inc., and one (1) with our B2B2C credit nurturing Marble Connect in the month of the July. Of these 11 licensees, seven (7) have gone live on the Inverite open banking platform.
Marble’s proprietary products are garnering more and more recognition and acceptability in both the alternative lending and credit nurturing sectors focussing on the roughly 30%(1) Canadian consumers who are underbanked due to subprime credit scores. To-date in 2022, Marble has secured a total of 75 B2B license agreements with our open banking, Inverite Verification Inc and 22 B2B2C channel partner agreements with Marble Connect. Our business partners cover a wide spectrum in the financial sector, such as mortgages, rent-to-own; auto; power sports; debt consolidation; consumer lending.
Industry recognition of Marble’s products continue to grow month over month, which is a resounding positive sediment to its growth strategy in Canada and the Company’s anticipation in entering the US Market.
The Company has recently reached a significant milestone with the collection of financial data on over two million Canadian consumers. This dataset continues to enhance our algorithms which results in a constantly improving risk score to assist our Inverite licensees in assessing and approving consumer credit.
As Marble Connect goes live through our channel partners, we continue see our ‘cost to acquire a consumer’ (“CAC”) greatly reduced and our ‘lifetime value’ (“LTV”) of the consumer increasing, all positive SAAS growth metrics.
Consumers accessing the Marble Platform suite of products has grown by 41% so far in 2022 and to date we have over 37,000 consumers that have accessed MyMarble since it went live.
Karim Nanji, Marble’s CEO, commented, “Our recent successes show that Canadian businesses trust our products and services to help consumers them improve their financial health during an uncertain economic environment. These positive developments indicate how valuable Marble’s product line is for the Canadian population, as it provides reliable tools which can be used by anyone looking at staying on top of financial wellness.”
The Company is also happy to announce that Jim Chan has taken on a dual role as the Company’s COO in addition to his existing role as CTO. He’ll play a pivotal role in strategic planning for the future and collaborate with Marble’s management team to establish new initiatives and implement plans for the operational infrastructure of systems and processes designed to accommodate the rapid growth objectives of the Company. Jim’s primary focus as COO is the implementation and execution of the Company’s strategic plan.
Marble’s COO & CTO, Jim Chan, commented, “I am very excited to be further playing a part in scaling the Company and achieving our strategic vision as COO & CTO. The management team has already invested a considerable amount of time on improving internal efficiencies without compromising existing growth opportunities. This has led to process improvements as well as cost reduction plans for future growth periods. It seems like Marble can do more than just focus its energy on physical product production–it has set itself up so many different avenues for success.”
Marble remains on track to implement several planned product and revenue growth enhancements for the balance of 2022. Its previous announced binding LOI to acquire eBunch Data and Development Ltd. represents Marble’s fourth strategic and accretive revenue acquisition that will integrate its proprietary digital marketing platform with Marble’s open banking, Inverite and MyMarble to offer the industry an agnostic solution in matching pre-qualified consumers with Industry specific products. The initial launch will focus on the lucrative auto industry, where eBunch has been successful. Marble anticipates closing this acquisition in Q3, later this summer.
The Company has issued 100,000 stock options to employees under its Stock Option Plan. The stock options carry a term of five years; a strike price of $0.09 and vest as to 25% upon issuance and 25% every 12-, 24- and 36-months post issuance.
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0): Marble’s proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the MyMarble Platform and through Inverite.
For further information about Marble, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104
1 – Source: TransUnion Canada Consumer Credit Database
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words beliefs, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements do not guarantee future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Marble, are forward-looking and involve risks and uncertainties. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.