Marble Financial Inc reported that its subsidiary, the financial data provider Inverite Verification Inc, has struck a license deal with CreditBook to bolster its offering to its customers concerning subprime consumers.
CreditBook is Canada's largest alternative database of Canadian non-registered loans and its addition into Inverite will further improve the latter's value proposition by empowering its lending partners to have more access to people’s creditworthiness.
"We are very excited to be adding CreditBook to Inverite’s industry leading product offering and service," said Lloyd Evetts, director of business development at Inverite, in a statement.
"Many of our partners operate with subprime borrowers and being able to provide more data with CreditBook will not only add to our existing brand value but also empower Inverite to expand its market opportunity as we continue to reach record transaction milestones."
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Marble Financial noted in the statement that the American consumer credit group TransUnion had recently reported that this year credit inquiries had increased 5%, with subprime consumers making up the largest segment.
As part of the deal, Phase 1 will involve Inverite offering the CreditBook check as a revenue-generating add-on service, while the second phase consists of inclusion into Inverite's own AI-powered Risk Score, said Marble Financial.
Fintech group Marble Financial says it is an AI-driven firm, which educates and helps Canadians better understand and manage their current cash flow and credit towards a better financial future.
Contact the writer at giles@proactiveinvestors.com