Marble Financial closes acquisition of leading Canadian fintech company, Inverite Verification

Marble Financial Inc (CSE:MRBL) (OTCMKTS:MRBF) (FRA:2V0) said it has closed its acquisition of Canadian fintech company Inverite Verification Inc, which provides real-time access to financial data and insights. Inverite’s AI-based technology includes connectivity to 286 access points from financial institutions, and its Risk Score model is trained from millions of banking verification requests and loan behaviours. Vancouver-based Marble told investors that Inverite’s data aggregator combined with Marble’s personal finance platform MyMarble will be “transformative” for the firm’s insights and recommendation engine by creating a faster, more cost-effective system. READ: Marble Financial to offer its MyMarble personal finance SaaS platform to homebuyers in Canada The company said that Inverite will be “deeply integrated” into every Marble product, allowing Marble to offer a more holistic platform for its consumers and financial services providers looking to white label or co-brand the MyMarble platform. MyMarble uses AI technology to help Canadians manage debt, build credit and budget to achieve their financial goals. Marble CEO Karim Nanji called the closing of the acquisition a “defining moment” for the company. “The amalgamation of customer data provides an opportunity for Marble to offer and deliver more efficient processing and approvals of credit solutions in-house or through our partner network of lenders and mortgage brokers, as an example,” Nanji said in a statement. “This is a very important part of our strategy of helping the UnderBanked come back into the mainstream.  Ultimately, the consolidation of the consumer’s financial data creates an opportunity for us and our partners to access this information to provide new services and more robust solutions in the areas of personal finance, money management including savings, investment, tax and insurance.” Under the terms of the deal, Marble has acquired all of the issued and outstanding shares of Inverite for a purchase price of C$1.5 million, plus an earn-out provision calculation based on a multiple of annual incremental revenue of Inverite over the two consecutive one-year periods following the closing of up to $2.5 million, payable in cash or shares at the option on Marble. New products and features  Marble said it plans develop new products and features to serve both its existing clients and expand into new markets and verticals. “Marble’s unique expertise and experience in personal finance and credit solutions will provide a uniquely valuable perspective and insight into new ways to leverage consumer financial data in existing and future products and services,” Nanji noted. “The additional resources the acquisition provides us will allow us to greatly expand our product development pipeline, bringing more data-driven products to market, faster," he concluded. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas