Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) has announced the launch of its new credit-improvement subscription program called ‘Boost’.
The company said the Boost program is designed to help Canadians who have limited access to credit instruments (such as credit cards, department store credit cards, line of credit, etc.) that are reported to TransUnion and Equifax (NYSE:EFX) to assess and ascertain the consumers’ monthly credit score.
The Boost program is a 12-month interest-free innovative installment loan that finances and grants the MyMarble consumer a 12-month subscription to MyMarble Premium, the company’s next-generation AI-powered platform, offering financial wellness products and services.
READ: Marble licenses its proprietary Marble Connect API with Vinn Auto
Marble pointed out that TransUnion recently reported that in 2021, subprime consumers with a score below 670 make up the largest segment, resulting in a difficult economic environment to achieve their financial goals, especially during the COVID-19 pandemic. In Canada, most credit improving services are comprised of siloed solutions that lack additional support, education, and technology to improve their overall financial health.
Marble said its 0% interest Boost subscription program helps members through a small monthly installment loan payment of $34.99 (plus tax), which is reported to both TransUnion and Equifax (NYSE:EFX) as a new positive tradeline to the MyMarble member’s credit report, while still providing access to Marble’s industry-leading and innovative financial tools and services.
“Launching our Boost program is an initiative to make it easier for people without a credit card or little or no credit history to improve their finances and become more financially sound with MyMarble,” said Karim Nanji, CEO of Marble, in a statement.
“Our primary focus is to help Canadians secure financial stability in the long term without the burden of seeking predatory lenders that offer extremely high interest rates. As more Canadians turn to alternative financial solutions amid global economic challenges, we plan to make our customers' financial goals simple and achievable for everyone.”
Recently, the company launched Marble Connect, its proprietary personal finance API software that seamlessly integrates the MyMarble financial wellness platform to evaluate the customers’ financial wellness as well as increase customer retention on the platform. The software offers customers access to all the products and services available on MyMarble.
In addition, the company has engaged Thesis Capital Inc., an independent capital markets advisory firm, to provide investor relations and advisory services to Marble. The initial term of the engagement is six months.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham