MRBLF - Marble Financial Closes Acquisition of Inverite Verifications Inc.
(TheNewswire)
Vancouver, B.C – TheNewswire - APRIL 12, 2021 – Marble Financial Inc.(CSE:MRBL ) ; (CNSX:MRBL.CN); ( OTC:MRBLF ) ; ( FSE:2V0) (“Marble” orthe “Company”), an AI-driven financial technology company thateducates and helps Canadians better understand and manage theircurrent cashflow and credit towards a better financial future, ispleased to announce that further to the news release of January 18,2021, the Company has closed the acquisition of Inverite VerificationInc. (“Inverite”), a leading Canadian financial technologyprovider for real-time access to financial data and insights.
Inverite boasts connectivity to 286 FinancialInstitutions’ (“FI”) access points which is 15X greater than itsclosest competitor in Canada. Inverite also has the highest (99% vs93%) implied consumer coverage and the fastest processing time by afactor of two over its competition. Its leading AI-based model RiskScore is trained from millions of banking verification requests andloan behaviors. Inverite has an international presence with coverageof FI’s in the South American market and will continue to expand itsAI offering as Marble expands into other global markets.
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.
“The amalgamation of customer data provides anopportunity for Marble to offer and deliver more efficient processingand approvals of credit solutions in-house or through our partnernetwork of lenders and mortgage brokers, as an example. This is a veryimportant part of our strategy of helping the UnderBanked come backinto the mainstream. Ultimately, the consolidation of theconsumer’s financial data creates an opportunity for us and ourpartners to access this information to providenew services and more robust solutions in the areas of personalfinance, money management including savings,investment, tax and insurance” says Karim Nanji, Marble CEO.
“The Inverite acquisition is a defining moment forthe company as we keep moving towards our goal of Financial Inclusionthrough Financial Fitness. We believe that by empowering our customersto better understand and manage their financial data, we can help themand their other financial service providers in improving theirfinancial wellness. By helping our customers graduate back into themainstream economy, Marble will be better suited to offer thesecustomers account-based payment solutions to become activeparticipants in the economy. The acquisition ofInverite will strengthen the MyMarble platform, giving consumers morecontrol of their financial data. It will also allow our upcomingmobile app to provide services using the holistic view of ourcustomer’s existing financial and banking data coupled with insightsfrom their credit report. This is an exciting time for Marble as wewelcome Lloyd and team into the marble family.”
"Tighter integration of the two companies’technologies will allow us to develop new game-changing products andfeatures to serve both our existing clients and to expand into newmarkets and verticals. Marbles unique expertise and experience inpersonal finance and credit solutions will provide a uniquely valuableperspective and insight into new ways to leverage consumer financialdata in existing and future products and services. The additionalresources the acquisition provides us will allow us to greatly expand our product development pipeline, bringingmore data-driven products to market, faster."
"The Inverite team is all very excited to beginthis new chapter as part of the Marble family and looking forward tosolidifying our position as a leading financial data aggregator andprovider of credit-decisioning services here in Canada and inInternational markets."
Under the terms of the definitive agreement, theCompany acquired all of the issued and outstanding shares of Inveritefor a purchase price of CDN$1.5M plus and earn out provisioncalculation based on a multiple of Annual Incremental Revenue (“AIR)of Inverite over the two consecutive one-year periods following theclosing of up to $2.5M, payable in cash or shares at the option onMarble. The effective price of any Marble sharesissued in satisfaction of the payment of any portion of the earn-outamount will be the greater of (i) the volume weighted average price ofthe Marble shares for the 10 consecutive trading days preceding thelast day of the applicable earn-out period, and (ii) closing price ofthe Marble shares on the last trading day prior to the closing, whichwas $0.235 per share.
Any shares that will be issued in satisfaction of theearn-out will be subject to a hold period under Canadian securities,expiring four months and one day following the date ofissuance.
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;FSE:2V0) Marbles’ proprietary MyMarbleplatform utilizes the power of machine learning, data science, andartificial intelligence, in leveraging its proven data drivenstrategies through technology solutions Fast-Track, Score-Up, andMaestro to engage in and navigate a clear path towards financialwellbeing and a meaningful credit score, since 2016, Marble is proudto have empowered thousands of marginalized consumers to a positivefinancial future, and we continue to establish ourselves as leaders infinancial wellness through the licensing of our proprietary productson the MyMarble Platform .
For further information, please visit the company'swebsite at https://mymarble.ca
Mike Marrandino, ExecutiveChairman
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-looking information”as such term is used in applicable Canadian securities laws, includingstatements regarding Inverite Verification Inc. The use of any of thewords “target”, “plans”, “anticipate”, “continue”,“estimate”, “expect”, “may”, “will”, “project”,“should”, “believe” and similar expressions are intended toidentify forward-looking statements. Such forward-looking informationis based on management's expectations and assumptions, includingstatements relating to the Company's plans with Inverite. In makingthe forward-looking statements included in this news release, theCompany has applied several material assumptions, including but notlimited to, that the Company's financialcondition and development plans do not change as a result ofunforeseen events, and that the Company will receive all requiredregulatory approvals. Forward-looking information is subject to avariety of risks and uncertainties and other factors that could causeplans, estimates and actual results to vary materially from thoseprojected in such forward-looking information. Factors that couldcause the forward-looking information in this news release to changeor to be inaccurate include, but are not limited to, general economic,market or business conditions; changes in the Company's financialcondition and development plans; and other risks and uncertainties asset forth in the Company's most recent continuous disclosure filingsfiled under the Company's profile at www.sedar.com. Although theCompany has attempted to take into account important factors thatcould cause actual costs or results to differ materially, there may beother factors that cause actual results not to be as anticipated,estimated or intended. There can be no assurance that such statementswill prove to be accurate as actual results and future events coulddiffer materially from those anticipated in such statements. Theforward-looking information included in this release is expresslyqualified in its entirety by this cautionary statement. Accordingly,readers should not place undue reliance on forward-lookinginformation. The Company undertakes no obligation to update theseforward-looking statements, other than as required by applicablelaw.
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