Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) said subsidiary Inverite Verification Inc. has reported record growth and transaction volume milestones.
In a statement, Marble said Inverite in August 2021 surpassed 80,000 monthly transactions and recorded an increase of 42% year-over-year in its unique end-user Canadian consumer data growth.
Inverite is a leading Canadian open banking and consumer-directed finance data provider offering innovative, secure, and cost-effective banking verification solutions to the financial services industry.
READ: Marble Financial announces license deal with CreditBook for its subsidiary Inverite Verification
Marble said its subsidiary is also approaching the 1.5 million milestone with a total of 1,463,966 individual Canadian’s consumer financial data that has come through Inverite's industry-leading proprietary instant bank and ID verification service which offers automated insights on account ownership for both partners and consumers alike.
Marble also noted that TransUnion recently reported that 2021 credit inquiries have increased significantly with subprime consumers making up the largest segment, a customer demographic that Inverite’s partners serve.
Meanwhile, Marble said Inverite’s data collection growth accelerates its Open Banking strategy.
Consumer Data is an integral part of the success and growth of Marble’s artificial intelligence (AI) and machine learning (ML) platform by adding both banking and credit data for its partners and members, which in turn will help them reach their full financial fitness potential.
“The continued growth and success of Inverite confirms that Canadian consumers are embracing the open banking scene through exploring alternative financial options and services such as MyMarble that best suits their current financial status and future financial goals,” said Marble CEO Karim Nanji in a statement.
“Consumer data is a valuable piece to the Marble product stack and through AI and ML our MyMarble Platform will continue to evolve and become the “go-to” platform for both industry and consumers seeking solutions to maximize financial fitness.”
Lloyd Evetts, Inverite’s director of business development, said that since Marble's acquisition earlier this year, the new subsidiary has been able to ramp up its growth and scale the business at an unprecedented rate.
“We are now able to leverage the consumer-financial data more than ever before in our machine-learning algorithms for everything from categorizations for personal finance and budgeting tools to our risk analysis scoring and even helping consumers improve their own financial wellbeing,” Evetts said.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham