Vancouver, BC. September 22, 2021 – Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company that educates and helps Canadians better understand and manage their current cash flow and credit towards a better financial future, is pleased to announce that its subsidiary, Inverite Verification Inc. (“Inverite”), has reported record growth and transaction volume milestones.
Inverite Verification Inc. (“Inverite”), a leading Canadian open banking and consumer-directed finance data provider offering innovative, secure and cost-effective banking verification solutions to the financial services industry is proud to announce that in August 2021 it has surpassed 80,000 monthly transactions and recorded an increase of 42% YoY in its unique end-user Canadian consumer data growth. The company is also approaching the milestone of 1.5 million with a total of 1,463,966 individual Canadian’s consumer financial data that has come through Inverite’s industry-leading proprietary instant bank and ID verification service which offers automated insights on account ownership for both partners and consumers alike.
TransUnion recently reporting that in 2021 credit inquiries have increased 5%1 with subprime consumers making up the largest segment, a customer demographic that Inverite’s partners proudly serve. This data along with the growing success of Inverite is a sign that their product has been well received by Canadians and believes it will continue to grow as more financial institutions realize the benefits of using instant verification for calculating risk and creditworthiness.
Inverite’s data collection growth accelerates Marble’s Open Banking strategy. Consumer Data is an integral part of the success and growth of Marble’s Artificial Intelligence (“AI”) and Machine Learning (“ML”) platform by adding both banking and credit data for its partners and members, which in turn will help them reach their full financial fitness potential. This is an exciting time in the industry as more than 76%2 of people in Canada have made use of digital banking services such as online bill payments or transfers. Our focus is always to support technology to better serve our members and our partner members – all while maintaining data security a top priority.
“The continued growth and success of Inverite confirm that Canadian consumers are embracing the open banking scene through exploring alternative financial options and services such as MyMarble that best suits their current financial status and future financial goals,” says Karim Nanji, Marble CEO. “Consumer data is a valuable piece to the Marble product stack and through AI and ML our MyMarble Platform will continue to evolve and become the “go-to” platform for both industry and consumers seeking solutions to maximize financial fitness.”
“It’s been a very exciting summer with back-to-back record months and sustained year over year growth,” says Lloyd Evetts, Inverite Director of Business Development. “Since Marble’s acquisition of Inverite earlier this year we have been able to ramp up our growth and scale up the business at a rate that never would have been possible before. We are now able to leverage the consumer-financial data more than ever before in our machine-learning algorithms for everything from categorizations for personal finance and budgeting tools to our risk analysis scoring and even helping consumers improve their own financial wellbeing.”
About Inverite Verification Inc.: Inverite is a leading Canadian open banking and consumer-directed finance provider offering innovative, secure and cost-effective banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and KYC/AML purposes. With support for over 285 Canadian financial institutions, Inverite is the data provider of choice for many of Canada’s leading lenders, Fintechs and Paytechs.
For further information about Inverite Verification Inc., please visit: www.inverite.com
About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0) Marbles’ proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Inverite, Score-Up, Fast Track and Maestro 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.
For further information about Marble Financial, please visit: https://mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: [email protected]
Source 1 – https://betterdwelling.com/canadian-subprime-credit-inquiries-slow-but-still-the-biggest-segment-transunion/
Source 2 – https://cba.ca/technology-and-banking
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Caution Regarding Forward-Looking Information
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of 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.