Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) has said it completed 11 new license agreements in July, including 10 with their open banking proprietary software platform, Inverite Verification Inc, and one with their business to business to consumer (B2B2C) credit nurturing Marble Connect.
Of these 11 licensees, seven have gone live on the Inverite open banking platform.
The AI-driven financial technology company said its proprietary products are gaining recognition and acceptability in both the alternative lending and credit nurturing sectors focussing on the roughly 30% of Canadian consumers who are underbanked due to subprime credit scores.
READ: Marble Financial says its CEO Karim Nanji named Canadian Lenders Association's 'Executive of the Year' for 2022
To date in 2022, Marble has secured a total of 75 business to business (B2B) license agreements with Inverite Verification and 22 B2B2C channel partner agreements with Marble Connect. Marble’s business partners cover a wide spectrum in the financial sector, including mortgages, rent-to-own, auto, power sports, debt consolidation, and consumer lending.
Industry recognition of Marble's products continues to grow month over month, which is a resounding positive sediment to its growth strategy in Canada and the company's anticipation in entering the US Market.
Marble's CEO Karim Nanji said in a statement: "Our recent successes show that Canadian businesses trust our products and services to help consumers improve their financial health during an uncertain economic environment.
“These positive developments indicate how valuable Marble's product line is for the Canadian population, as it provides reliable tools which can be used by anyone looking at staying on top of financial wellness," Nanji said.
Marble recently reached a significant milestone with the collection of financial data on over two million Canadian consumers. This dataset continues to enhance the company’s algorithms, which result in a constantly improving risk score to assist Inverite licensees in assessing and approving consumer credit.
The compnay said the number of consumers using the Marble Platform suite of products has grown by 41% so far in 2022 and to date, Marble has over 37,000 consumers who have accessed MyMarble since it went live.
Marble also announced that Jim Chan has taken on a dual role as the company's COO in addition to his existing role as CTO. Chan will play a pivotal role in strategic planning for the future and work with Marble's management team to establish new initiatives and implement plans for the operational infrastructure of systems and processes designed to accommodate the rapid growth objectives of the company.
In a statement, Chan said he is excited to play a part in scaling up the company.
“The management team has already invested a considerable amount of time on improving internal efficiencies without compromising existing growth opportunities. This has led to process improvements as well as cost reduction plans for future growth periods. It seems like Marble can do more than just focus its energy on physical product production; it has set itself up so many different avenues for success,” said Chan.
Marble said it remains on track to implement several planned product and revenue growth enhancements for the balance of 2022. Its previously-announced acquisition of eBunch Data and Development Ltd will integrate its proprietary digital marketing platform with Marble's open banking, Inverite and MyMarble to offer the industry a way to match qualified consumers with industry-specific products.
The initial launch will focus on the auto industry, where eBunch has been successful. Marble anticipates closing this acquisition in Q3, later this summer.
The company has issued 100,000 stock options to employees under its Stock Option Plan. The stock options carry a term of five years; a strike price of $0.09 and vest as to 25% upon issuance and 25% every 12, 24 and 36 months post issuance.
Based in Vancouver, Marble Financial and its proprietary MyMarble platform use the power of machine learning, data science, and artificial intelligence in leveraging its data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path toward financial wellbeing and a meaningful credit score.
Contact the author at susie@proactiveinvestors.com