Marble Financial Inc reports that its second-quarter revenue jumped by triple-digits year-over-year.
For the quarter ended June 30, 2021, the company said it generated revenue of $269,910 for a 206% increase compared to the year-ago period.
The company said MyMarble subscription revenue was $78,265, a 77% year-over-year increase. That jump was bolstered by net new MyMarble members of about 2,920, as total membership reached 20,209 in the 2Q.
Also driving revenue for the quarter was the company’s April acquisition of Inverite, which generated $125,298 in verification fees from its data verification technology.
“The second quarter of 2021 was an extremely strategic period to help shape the growth of Marble,” said CEO Karim Nanji in a statement. “Building Canada’s most advanced virtual financial wellness solution, MyMarble, we have further expanded the reach of our services to millions of Canadians through key partnerships and acquisition.”
Nanji added: “The groundwork we have completed behind the scenes, along with the acquisition of Inverite, our B2B bank verification and risk scoring SaaS solution, paves the way for continual user growth and revenue for the balance of the year and beyond. Inverite has helped Marble accelerate larger key partnerships that we expect to close and announce throughout the balance of the year.”
However, as Marble saw increasing revenues during the 2Q, the company incurred a net loss of $1,199,349 versus a loss of $824,762 in the year-ago quarter. The increase in the loss was primarily due to increased operating expenses as Marble faced higher administrative costs to facilitate the growth of operations.
Looking ahead, the company said it expects to continue its investment in technological and user growth investments to spearhead substantial member and revenue growth for the balance of 2021 and beyond.
Marble said it will directly focus on:
- A continued increase in new Marble members additions;
- Accelerated growth in business-to-business service revenue;
- Increase revenue through Marble Connect and resellers including the subscription as an add-on to their own products; and
- Expansion plans to enter the US market in Q4 2021.
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