Vancouver, British Columbia--(Newsfile Corp. - January 25, 2022) - Marble Financial Inc. (CSE: MRBL) (OTC Pink: MRBLF) (FSE: 2V0) ("Marble" or the "Company"), an AI-driven financial technology company, is pleased to announce that the Company will provide a new credit improvement service on its MyMarble platform, which will be powered by FrontLobby ("FrontLobby").
FrontLobby is committed to helping improve the financial future of tenants by providing a proven way to build credit and a positive rental history, and gain access to credit-related rewards. Through this relationship, Marble will be utilizing FrontLobby's rental reporting service through its MyMarble platform's product offerings. The introduction of this service will empower MyMarble members to report their rent payments directly to credit bureaus such as Equifax and Landlord Credit Bureau.
This service provides a new value proposition for MyMarble's members (over 50% of the platform's members are renters) to build stronger creditworthiness as reporting rent payments can positively impact their credit. Additionally, the new service combined with Inverite banking verification software will enable the Company's channel partners to offer a unique product that not only instantly assesses their customers' financial standing but also, provides additional solutions to improve their overall credit.
In Canada alone, over 32% of Canadian households rent their homes and there are more than 30,000 property management businesses as of 2022.1&2 In the United States, approximately 43 million housing units are rented and over 300,000 companies in the U.S. are registered as property management businesses.3&4 These statistics underscore the market opportunity within the rental and property management space and Marble will be able to enter these market segments with the utilization of FrontLobby's solutions.
"Rent payments represent an important and underutilized criterion used by credit reporting agencies to perform a credit assessment and we are excited to now offer a credit improvement solution that leverages past rental records," said Karim Nanji, CEO of Marble. "The contribution of rent payments toward improving credit profiles and creditworthiness can help property managers as well as customers looking to rent."
Zac Killam, Co-Founder of FrontLobby commented, "Tenants who pay their rent on time every month should receive credit for it, but most do not. Historically, rent has not been included on credit reports, we are changing this by elevating rent payments to the same level as consumer loans and credit card payments. FrontLobby is excited for this relationship with MyMarble, and our shared vision of bringing credit inclusion, credit equality and financial wellness to all Canadians."
Karim added, "This solution should inspire a large segment of the Canadian population who have traditionally struggled to establish or re-build credit in the past. This includes everyday people who are new to Canada, have poor credit or are new to credit instruments. Currently, about 1/3 of Canadians' rent payment is their single largest expense per month and allowing this positive payment behavior to reflect on their credit profiles is a major benefit. Overall, the utilization with FrontLobby on our platform will result in a more robust financial platform that delivers greater value to our members."
About FrontLobby: FrontLobby's mission is to empower the businesses and lives of landlords and property managers while enriching the lives of responsible tenants.
FrontLobby provides the means and tools for landlords to attract great tenants, reduce the frequency and impact of delinquencies, and drive operating efficiencies while providing tenants-seeking to establish or rebuild credit-with an effective way to improve their credit. In doing so, FrontLobby enables landlords to increase revenue while decreasing the time it takes for responsible tenants to unlock and access future credit-related rewards for themselves and their loved ones.
For more information, please visit: frontlobby.com
About Marble Financial Inc. (CSE: MRBL) (OTC Pink: 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 (formerly Score-Up), Fast Track, Maestro 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.
For further information about Marble Financial, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T: (855) 661-2390 ext. 104 Email: ir@marblefinancial.ca
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS 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, including with respect to the Company's intention or ability to complete the Proposed Offering, the timing of closing the Proposed Offering and the intended use of proceeds from the Proposed Offering 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.
1. https://financialpost.com/real-estate/almost-33-of-canadian-households-rent-their-homes-who-is-going-to-help-them-in-the-coronavirus-crisis/wcm/c84c0524-0c93-4c68-87ed-00843c4678d6/amp/
2. https://www.ibisworld.com/canada/number-of-businesses/property-management/1356/
3. https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/#:~:text=Number%20of%20renter%20occupied%20homes%20in%20the%20U.S.%201975%2D2020&text=In%202020%2C%20there%20were%20approximately,term%20upward%20swing%20since%201975
4. https://ipropertymanagement.com/research/property-management-industry-statistics#:~:text=More%20than%20300%2C000%20property%20management%20companies%20are%20registered%20in%20the%20United%20States
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