Marble Financial Inc. (CSE: MRBL; OTC: MRBLF; FSE:2V0), 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, announced earlier this week it has closed the acquisition of Inverite Verification Inc., a Canadian fintech provider for real-time access to financial data and insights.
According to Marble, Inverite boasts connectivity to 286 Financial Institutions’ (FI) access points which is 15X greater than its closest competitor in Canada. The company also has the highest (99% vs 93%) implied consumer coverage and the fastest processing time by a factor of two over its competition. Its AI-based model Risk Score is trained from millions of banking verification requests and loan behaviors.
“Amalgamating the power of Inverite’s Artificial Intelligence (AI) data aggregator with Marble’s AI data-driven personal finance platform, MyMarble, will be transformative for Marble’s insights and recommendation engine for customers. The combination will create a faster and cost-effective system for the new way of Canadian-led real-time bank verifications, uniquely enabling customers to quickly improve their financial situation. Inverite will be deeply integrated into every Marble product, transforming how Marble can provide a more holistic platform for its consumers and financial services providers looking to white label/co-brand the MyMarble.”
Speaking about the acquisition, Karim Nanji, Marble CEO, stated:
“The Inverite acquisition is a defining moment for the company as we keep moving towards our goal of Financial Inclusion through Financial Fitness. We believe that by empowering our customers to better understand and manage their financial data, we can help them and their other financial service providers in improving their financial wellness. By helping our customers graduate back into the mainstream economy, Marble will be better suited to offer these customers account-based payment solutions to become active participants in the economy.”
Nanji then added that the acquisition will strengthen the MyMarble platform and will give consumers more control of their financial data.