Marble's Inverite AI Platform On Path To Record Transactions
Marble's Inverite AI Platform Continues on the Path in Achieving Record Transactions in May
Vancouver, British Columbia--(June 14, 2023) - 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., a leading provider of instant online verification solutions for lenders, continues to achieve new monthly record-breaking transactions for May 2023.
During the month of May, Inverite Verification processed a total of 123,513 transactions, representing a 9.3% increase in volume from the previous record setting month in March of this year. This achievement brings Inverite's total Canadian customer profile thresholds to 3.0 million and continues to demonstrate industries acceptance and confidence with the Inverite Verification platform and products.
"Given the current challenging financial times of high interest rates and inflation, we are thrilled with the growth that Inverite is contributing to the Company's top line revenue and the acceptance by the alternative lenders in Canada. By way of continued and positive transaction growth, our lending partners are showing that Inverite service offerings are providing value in their decision-making and adjudication process. We are specifically excited about the transaction growth related to our Inverite Score that assists lenders in determining the likelihood to pay and probability of default. This is extremely positive news for our AI and Data Science initiatives," said Karim Nanji, CEO of Marble Financial.
By offering cutting-edge verification solutions, Inverite enables alternative lenders to assess loan applicants with speed and precision, thanks to its real-time online identity verification and bank account validation services. This allows for quick and informed approval decision-making, all within a matter of minutes. The company's user-friendly platform is designed to streamline the verification process, allowing businesses to approve and onboard customers seamlessly while maintaining compliance with regulatory requirements.
Inverite's Confidence Score is a powerful tool that is calculated by analyzing a customer's bank account transactions, cashflow, payment history and other financial factors to predict the likelihood the customer is to make a payment or default. This score is then normalized against short-term loan performance to give alternative lenders an accurate assessment of the borrower's likelihood to pay. This Confidence Score can be extremely useful for lending companies that offer short term loans, as it allows them to segment their portfolios and identify which borrowers are least likely to default on their loans. This information can be used to expedite the loan adjudication process and help lenders make more informed lending decisions; ultimately, resulting in lower default rates and increased profitability for the lending company.
Inverite anticipates continued growth in its client base and product offering, as lenders continue to demand more near real-time banking and credit data to better assess customer credit requests.
The Company is pleased to announce a fourth tranche of its non-brokered private placement of $0.07 units (the "Units"), issuing 858,000 Units for an aggregate subscription amount of $60,060.00. Each Unit is comprised of a common share and one-half of a warrant, a whole warrant exercisable to purchase a common share at a price of $0.11 for a period of two years. In connection with the tranche, an aggregate of 60,060 shares were issued as finder fees. All securities issued are subject to a hold period of four months and one day following issue.
An insider of the Company purchased the fourth tranche of 858,000Units, representing the total number of Units issued. The participation by the insider constitutes a "related party transaction" within the meaning of the policies of the CSE and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Placement exceeds 25% of the Company's market capitalization calculated in accordance with MI 61-101, and on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of those laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the 1933 Act).
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 Confidence 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 is a leading provider of software-as-a-service (SaaS) solutions that empower businesses to acquire and use real-time financial data to better transact with consumers. Along with enabling smarter marketing ROI for partners seeking increased conversion rates to those consumers that require further monitoring, predictive financial recommendations, and guidance to rehabilitate them to transact in the future. Utilizing Marble's proprietary and proven artificial intelligence data-driven technology platforms, Inverite, Accumulate.ai and MyMarble, businesses and consumers are empowered in real-time, access to a 360 financial profile that includes credit and banking data. Marble leverages machine learning, artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
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 subsidiary, Inverite and its transactions. 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.