MRBLF - Marble Signs Binding Letter Agreement with ScoreNavigator and CredLogix for the Exclusive Expansion of Point Deduction Technology (TM) in Canada
(TheNewswire)
Vancouver, B.C – TheNewswire - December 08, 2020 - Marble Financial Inc.(CSE:MRBL ) ( OTC:MRBLF) (CNSX:MRBL.CN) ("Marble" or the "Company") a financial technology company thatempowers Canadians’ toward a positive financial future, is pleasedto announce it has entered into binding letter agreement and termssheet with ScoreNavigator, Inc (“ScoreNavigator”) and CredLogix,Inc (“CredLogix”) The letter agreement provide Marble a perpetual,irrevocable and exclusive license to the ScoreNavigator ApplicationPrograming Interface (“API”) in Canada .
The financial consideration will be based on revenueshare model on paid subscriptions with pricing set for the initialfive-year term. The scope of the licensing rights includes the directintegration of ScoreNavigator and Point DeductionTechnology TM (“PDT”) into the Marble Personal Finance Platform(“MyMarble”) and the exclusive rights to re-skin and re-sellScoreNavigator under the Marble brand in Canada.
Through its industry leading PDT®, ScoreNavigator isArtificial Intelligence (“AI”), Scientific, Algorithmic andMathematical Software, based on rigorous credit weighted algorithms,that analyzes credit data to identify where the impacts are placed ona credit file. The software analyzes a digital version of a creditreport and assigns a point deduction number per trade line item, bothpositive and negative. The numbers assigned reflect the number ofcredit points recoverable depending on the type of accounts beingreported - whether the account is in good or derogatory standing. The software also determines where most errorsoccur on a credit report and how many points may be recovered bycorrecting the credit data. The software examines a consumer’s credit report fromTransunion and/or Equifax and provides the consumer with a creditanalysis and prescriptive action plan to recovervaluable points before applying for credit. PDT's unique and proprietary ability provides MyMarble withthe 'best in breed' solution for consumers to monitor and maximizetheir positive credit worthiness . Know beforeyou Go.
47% of respondents to an October 2019survey conducted on behalf of insolvency firm MNP said they do notbelieve they will be able to cover their necessary living expensesover the next year without increasing their debt. The COVID pandemicand the current macro-economic environment has further exacerbatedthis problem . Canadians need access to credit to manage their daily lifeand expenses not to mention unforeseen emergencies and longer-termplanning. These Canadians are challenged, and many excluded fromobtaining low-cost, affordable credit because of poor creditscores.
According to a recent survey, 78% of Marble customerssaid they seek improvement to their overall finances through intuitiveand user-friendly technology. Most of these customers were alsoreluctant to seek credit from traditional lending institutions due tothe embarrassment of poor credit scores. Thegrowing trend has resulted in a large market of underserved Canadiansturning to more holistic apps and websites to improve their credit andoverall finances.
“This exclusive licensing agreement gives Marble theability to incorporate ScoreNavigator’s game-changing PointDeduction Technology directly into the MyMarble platform for an exceptional user experience for financially excludedCanadian looking to improve their creditworthiness,” says KarimNanji, CEO Marble.” Moreover, it increases Marble's reach to alarger B2B audience of partners looking to offer Marbles' technologyto their consumers through our API or embedding MyMarble into theirown engagement platforms. Through this licensing agreement withScoreNavigator and Credlogix, the Universe of potential Marblepartners expands to consumer lenders, mortgage brokers, insuranceproviders, financial planners, employee benefits and financialinstitutions to name a few. We are genuinely excited about our growthopportunities in Canada and looking forward to further investment inthis relationship to launch MyMarble into the US market soon”
“We are excited and honored to partner with Marble inCanada,” said Rusty Bresse, CEO of ScoreNavigator and Credlogix.“It’s clear that businesses in Canada are looking for newaffordable credit solutions to enhance the quality of theircustomers’ lives by maximizing their financial and creditworthiness. This collaboration signifies a new beginning for bothcompanies and a long-term alliance in the financial and creditindustry. Through this strategic partnership, Marble andScoreNavigator provide a scientific approach that has been localizedfor the Canadian market. Enterprises and individuals across Canada cannow take advantage of the ease and simplicity our powerful credit andfinancial tools have to offer.”
“This agreement affords us the ability to incorporatePDT into a single MyMarble user experience. It gives us theflexibility to customize our offerings and provide differentsubscription packages and pricing tiers with varying feature sets tohelp even more underserved Canadians,” says Jim Chan, Marble CTO.“ MyMarble’ offers the ultimate inpersonalization because our innovative technology blends proprietaryAI software, data-driven algorithms and real-time banking and creditinformation for users on our platform. Marble’s exclusive rights to the API in Canada creates anadvantage for Marble in being the only company in Canada to offer thisunique service.”
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-leadingtechnology Platform, ‘ MyMarble’ whichincludes our unique and proprietary financial wellness solutions;Fast-Track, Score-Up, Maestro, ScoreNavigator and Credit-Meds toengage 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 in financial wellness through thelicensing of our proprietary products on the MyMarble Platform.
About CredLogix, Inc. - CredLogix is a US-based software andfinancial technology company specializing in Credit & Financialproducts development. CredLogix is a global full-cycle softwaredevelopment company with niche expertise and a focus on the latesttechnologies. Since 2003, CredLogix has been helping companies achievetheir goals with impactful, industry-specific softwaresolutions.
About ScoreNavigator, Inc. - ScoreNavigator is a US-based financialtechnology company providing credit analysis tools designed forconsumers and organizations in the consumer credit industry. Since2011, ScoreNavigator has been analyzing digital versions of a creditreport and providing algorithm-based recommendations for the quickestway for consumers to achieve improvements to their credit score.ScoreNavigator focus is on recommendations based on the understandingof credit score calculations and how different factors affect scoreseither positively or negatively.
ON BEHALF OF THE BOARD OF DIRECTORS,
Karim Nanji, CEO
For further information, please visit the company'swebsite at http://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 RegardingForward-Looking Information
This release contains "forward-lookinginformation" as such term is used in applicable Canadiansecurities laws, and the use of proceeds therefrom. The use of any ofthe words "target", "plans","anticipate", "continue", "estimate","expect", "may", "will","project", "should", "believe" andsimilar expressions are intended to identify forward-lookingstatements. Such forward-looking information is based on management'sexpectations and assumptions, including statements relating to thefuture plans and objectives of the Company, the Company’sexpectations surrounding the market potential of MyMarble, Score-Up,Fast-Track, Maestro,Credit-Meds, ScoreNavigator and Credlogixs’ PDTand the benefits of MyMarble, including potential credit scoreimprovement, building and management results. In making theforward-looking statements included in this news release, the Companyhas applied several material assumptions, including but not limitedto, that the Company's financial condition and development plans donot change as a result of unforeseen events, and that the Company willand has received all required regulatory approvals in thejurisdictions across Canada that it will be offering this product. Forward-looking information is subject to a variety of risks anduncertainties and other factors that could cause plans, estimates andactual results to vary materially from those projected in suchforward-looking information. Factors that could cause theforward-looking information in this news release to change or to beinaccurate include, but are not limited to: general economic, marketor business conditions; changes in the Company's financial conditionand development plans; and other risks and uncertainties as set forthin the Company's most recent continuous disclosure filings filed underthe Company's profile at www.sedar.com .
Although the Company has attempted to considerimportant 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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