MRBLF - Marble Financial Announces Binding Letter of Intent to Aquire Inverite Verification Inc.
(TheNewswire)
Vancouver, B.C - TheNewswire - January 18, 2021 - Marble Financial Inc.(CSE:MRBL ) (CNSX:MRBL.CN)( OTC:MRBLF) (“Marble” orthe “Company”) a financial technology company that empowersCanadians’ toward a positive financial future, is pleased toannounce that it has entered into a binding Letter of Intent(“LOI”) with Inverite Verification Inc. (“Inverite”) and itsshareholders (the “Vendors”), pursuant to which Marble willacquire all of the issued and outstanding common shares in the capitalof Inverite for a purchase price of CDN$1.5M. The Vendors also have atwo-year performance-based opportunity to earn a further CDN$2.5Mbased on a multiple of Annual Incremental Revenue Growth (“AIR”)formula. Marble has the option to pay the $2.5M, if earned, withshares from treasury based on the previous 10-day VWAP on the 1st and2nd anniversary date for calculating the AIR. It is expected thatdue diligence, and execution of the Definitive Agreement will takeplace on or before March 31, 2021. Marble and Inverite are atarms-length.
Inverite, a leading Canadian financial technologyprovider for real-time access to financial data and insights, boastsconnectivity to 286 Financial Institutions (“FI”) access pointswhich is 15X greater than its closest competitor in Canada. Inveritealso has the highest (99% vs 93%) implied consumer coverage and thefastest processing time by a factor of two over its competition. Itsleading AI-based model Risk Score is trained from millions of bankingverification requests and loan behaviors. The Founding team ofInverite has over 50 years of experience in the financial services andtechnology space. Inverite has an international presence with coverageof FI’s in the South American market and will continue to expand itsAI offering, globally.
Their platform security has completed a SOC2 Type Iexamination through AuditWerx and offers Multi Factor Authenticationfor client logins and IP whitelisting for API’s. Inverite has notexperienced any security or privacy incidents since its inception inearly 2017.
The addition of Inverite’s complementary technologyand team of experts further solidifies the existing Marble strategyand platform to enable Digital Financial Inclusion for the millions ofCanadians that are underserved and excluded from mainstream financialservices and the economy, for that matter. This transactionstrengthens Marble’s capabilities and offerings to consumers andbusinesses alike.
“Like Marble, Inverite is a fintech that shares ourcommitment to consumer-centric data practices. This acquisitionintegrates Marble’s supply chain to further incorporate Inverite’ssuite of Instant Bank Verification (“IBV”), Risk Score, and IDVerify (“AV”) products,” says Karim Nanji, Marble CEO. “We areextremely excited about this acquisition as it is accretive to Marblebut, more importantly, how it enhances the growth trajectory ofMarble, immediately. Inverite is a Canadian leader in the fast-growingfintech world with industry-leading IP technology that the MyMarbleplatform has been using and experiencing substantial and improvedefficiencies. The acquisition, combined with other efforts alreadyunderway, will position Marble to deliver more value for consumers,existing partners while paving the way for a much larger untouchedrevenue opportunity.”
Amalgamating the power of Inverite’s ArtificialIntelligence (“AI”) data aggregator with Marble’s AI data-drivenpersonal finance platform, MyMarble, will be transformative forMarble’s insights and recommendation engine for customers. Thecombination will create a faster and cost-effective system for the newway of Canadian-led real-time bank verifications, uniquely enablingcustomers to quickly improve their financial situation. Inverite willbe deeply integrated into every Marble product, transforming howMarble can provide a more holistic platform for its consumers andfinancial services providers looking to white label/co-brand theMyMarble.
"A credit report is valuable information, but onits own, it does not show a complete picture of how to improve anindividual's financial health and fitness. Banking data, on the otherhand, provides us with the ability to gain deeper, and real-time,insights into a person's spending behavior and affordability - keycharacteristics to allow us to help our customers achieve theirgoals.” said Marble’s CTO, Jim Chan. By expanding our resources toinclude world-class engineers from Inverite, we have strengthened ourposition to continue to build technology that benefits our customersand partners. This event signifies a very pivotal moment and excitingtime for Marble."
“As Canadian consumers continue to adopt Open Bankingand fintechs work together with incumbent Banks toward ConsumerDirected-Finance by supporting the Financial Data Exchange FDX API,this acquisition will give us access to public capital markets andprovide us the resources we need to expand our reach and expand intonew verticals and markets and truly scale up our sales and marketingefforts, as well as our research and development. Marble'sexperience and expertise will provide valuable insight into our coreareas such as the underbanked and underserved in the Canadian market. Marble and Inverite have long been aligned in our beliefs oftransparency and responsible ethical lending practices and we are veryexcited to see this acquisition move forward.” said Lloyd Evetts,Inverite’s CEO. “With us being a member of the FDX initiative,we embrace the future of Open Banking, Data Enrichment, and RiskAnalysis product lines. Marble will make an excellent parentcompany, with the knowledge and insight to tailor our product to theconsumer market and partners alike.”
ON BEHALF OF THE BOARD OFDIRECTORS
Karim Nanji, CEO
About Inverite Verification Inc.: Inverite is a leading Canadian open banking andconsumer-directed finance provider offering innovative, secure andcost-effective banking verification solutions to the financialservices industry for income verification, credit decisioning, fraudreduction, and KYC/AML purposes. With support for over 285 Canadianfinancial institutions Inverite is the data provider of choice formany of Canada’s leading lenders, Fintechs and Paytechs.
For further information, please visit the company'swebsite at https://www.inverite.com/
About Marble Financial Inc. (CSE:MRBL; OTC: MRBLF) Marble leverages its provendata driven strategies utilizing the power of machine learning, datascience, and artificial intelligence, through its industry-leadingproprietary technology solutions Fast-Track, Score-Up, and Credit-Medsto engage in and navigate a clear path for Canadians towards financialwellbeing and a meaningful credit score. Since 2016, Marble is proudto have empowered thousands of marginalized Canadians to a positivefinancial future, and we continue to establish ourselves as leaders infinancial wellness through the licensing of our proprietary productson the Marble Platform.
For further information, please visit the company'swebsite at https://mymarble.ca
Mike Marrandino,?Executive Chairman
T:(855) 661-2390 ext. 104 Email: ir@marblefinancial.ca
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITSREGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-LookingInformation
This release contains "forward-lookinginformation" as such term is used in applicable Canadiansecurities laws, including statements regarding the Private Placementand the use of proceeds therefrom. The use of any of the words"target", "plans", "anticipate","continue", "estimate", "expect","may", "will", "project","should", "believe" and similar expressions areintended to identify forward-looking statements. Such forward-lookinginformation is based on management's expectations and assumptions,including statements relating to the Company's plans to conduct thePlacement and the anticipated use of the proceeds of the Placement andDebenture offerings.
In making the forward-looking statements included inthis news release, the Company has applied several materialassumptions, including but not limited to, that the Company'sfinancial condition and development plans do not change as a result ofunforeseen events, and that the Company will receive all requiredregulatory approvals, including Canadian Securities Exchange approval,for the Placement. Forward-looking information is subject to a varietyof risks and uncertainties and other factors that could cause plans,estimates and actual results to vary materially from those projectedin such forward-looking information. Factors that could cause theforward-looking information in this news release to change or to beinaccurate include, but are not limited to: failure of the PrivatePlacement to be arranged on the proposed terms or at all;unanticipated delays in obtaining or failure to obtain regulatory orCanadian Securities Exchange approvals; general economic, market orbusiness conditions; changes in the Company's financial condition anddevelopment plans; and other risks and uncertainties as set forth inthe Company's most recent continuous disclosure filings filed underthe Company's profile at www.sedar.com . Although the Company has attempted to take into accountimportant factors that could cause actual costs or results to differmaterially, there may be other factors that cause actual results notto be as anticipated, estimated or intended. There can be no assurancethat such statements will prove to be accurate as actual results andfuture events could differ materially from those anticipated in suchstatements. The forward-looking information included in this releaseis expressly qualified in its entirety by this cautionary statement.Accordingly, readers should not place undue reliance onforward-looking information. The Company undertakes no obligation toupdate these forward-looking statements, other than as required byapplicable law.
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