Vancouver, British Columbia--(Newsfile Corp. - March 15, 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 its wholly owned subsidiary, Inverite Verification Inc. ("Inverite"), has entered into an open banking software licensing agreement with Money Mate Limited ("MoneyMate"), a Canadian financial services software solutions provider.
MoneyMate is very proud of its Canadian heritage and ownership, their 18-year history in the loan industry and are one of the founding directors of the Independent Pay Day Loan Association of Canada. They provide cost-effective software solutions that are designed for Canadian alternative loan operators and currently services over 25 such clients with a combined 75 offices across Canada. With a large user base, MoneyMate requires advanced fintech solutions to manage high transaction volumes. As a result, MoneyMate has licensed Inverite's open banking software verification solutions, which offers the most extensive connectivity to 286 financial institutions' access points in Canada. With an average processing time of less than one minute, Inverite's solutions will enhance the robustness of MoneyMate's existing products by enabling them to process highly granular financial information in near real-time.
"We are pleased to license our unique open-banking solutions to MoneyMate, a leading loan software solutions provider with a large client base," said Lloyd Evetts, Director of Business Development with Inverite. "Brick and mortar alternative lenders remain a popular option for the underbanked and unbanked populations, and the integration of our technology solutions into MoneyMate's platform enables us to expand our reach to this growing demographic. We look forward to working with MoneyMate as they continue to scale within the Canadian alternative lending space."
"MoneyMate is very pleased to have integrated the services of Inverite and obtain the underwriting adjudication their software provides," said James Reid, Founder of MoneyMate. "We see that our industry is rapidly growing an online presence and having the additional banking information afforded by Inverite brings us one step closer to being able to assist our online users not only with detailed banking information but also, risk analysis. Banking details and historical performance are critical factors in our lending parameters and Inverite fills that need. We look forward to a long and rewarding relationship."
Mr. Reid added, "MoneyMate's original mandate was to provide sophisticated software for small brick and mortar operators with one or more stores in the alternative lending field. As previously stated, we are now getting into the online lending model, where the number of loans being processed is higher as compared to brick-and-mortar stores. That said, MoneyMate's brick and mortar clients issued slightly more than 14,000 loans in the last 12 months."
Currently, Marble's Inverite's open banking software has signed 32 client licensing agreements since it was acquired by Marble in April 2021.
About Money Mate Limited: Since 2003, MoneyMate was one of the first Canadian companies to offer software to independent, Canadian brick and mortar payday loan operations. MoneyMate's mission is to empower its clients by providing a compliant, flexible, web-based platform that can be streamlined for their individual needs.
For further information about MoneyMate, please visit: http://www.moneymate.ca
About Inverite Verification Inc., Inverite, a Canadian open banking and consumer-directed finance provider offers banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and know-your client/anti-money laundering purposes. Inverite operates a cloud-based SaaS platform such that its technology solutions can be integrated into customer systems. Inverite currently offers three SaaS services to customers, namely, Bank Verification, ID Verification and Risk Scoring. Inverite can access data from 286 Canadian financial institutions and offers multiple application programming interfaces to access up to one year of user financial data in seconds for its bank verification service, and has plugins available for most popular e-Commerce platforms, including WooCommerce and Shopify.
For further information about Inverite, please visit: https://Inverite.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, Fast-Track, Boost and Learn 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, please visit: mymarble.ca
Mike Marrandino, Executive Chairman
T:(855) 661-2390 ext. 104 Email: ir@marblefinancial.ca
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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.
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