Marble Financial Inc (CSE:MRBL) (OTCMKTS:MRBLF) (FRA:2V0) said it is “excited” to launch a new offering, the GIC Savings Loan with Jenson Graf Risk Management Inc, on its artificial intelligence-powered financial wellness Software-as-a-Service (SaaS) platform, MyMarble.
Founded in 2011, Jenson Graf provides consumers access to safe and affordable credit improvement products.
The Vancouver, British Columbia-based financial technology company said its MyMarble Platform will provide Jenson Graf with a “progressive software solution” that will automate the GIC Savings Loan application and approval process. MyMarble will also provide Jenson Graf with an affiliate portal that will collect consumer credit and banking data through its proprietary Inverite Risk Score to support the underwriting process and improve loan performance.
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“Combining the MyMarble AI-driven financial technology software with the GIC Savings Loan enables the company to reach a product suited sector of these underserved Canadians with a proactive credit improvement solution,” said the company. Marble will receive a referral fee from Jenson Graf for each GIC Savings Loan application.
The Jenson Graf GIC Savings Loan, billed as the “Secured Future Credit Plan,” is a combined savings program and credit-building tool. It provides credit-constrained consumers with an opportunity to get a new trade line structured as a secured loan, with each payment reported to the credit bureaus. By making monthly payments, consumers gradually build their credit history and establish a savings account for future use, noted the company.
A MyMarble personal finance survey conducted last year found that 70% of respondents felt embarrassed by their credit score. The company said the credit plan will provide a “valuable solution for consumers on a journey to better credit,” combined with the MyMarble platform which allows potential customers to utilize powerful AI-driven recommendations, financial education, credit, and budget improvement software products.
“We’re excited to announce the launch of our new GIC Loan product,” said Marble CEO Karim Nanji. “By combining the powerful AI-driven MyMarble recommendation technology, with the company’s proprietary bank verification data powered by Inverite, The Secured Future Plan, can quickly build credit and save money, to prepare Canadians for their financial future.”
Consumers in Ontario and British Columbia will be able to use the credit plan, along with MyMarble’s financial tech and educational solutions. “This 36-month program will increase the consumer’s financial fitness and credit confidence with a bonus savings fund for future use,” said Marble.
“Adding our products to MyMarble’s platform provides the automation in the origination process to expand our programs,” said Jenson and Graf partner Stephen Tung. “The MyMarble affiliate portal provides us with key insights to adjust our underwriting requirements to ensure the program is successful for our partners and consumers.”
A 2021 MNP Consumer Debt Index found that 53% of Canadians are within $200 away from insolvency. The pandemic has also turned finances upside down for many Canadians, with 20% of respondents reporting that they had hacked into their emergency savings.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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