Marble Financial Inc said its subsidiary, Inverite Verification Inc, has entered into a data verification agreement with Home Owner Soon (HOS) Financial Inc, the largest rent-to-own company in Canada.
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.
HOS Financial offers lease-purchase or rent-to-own programs for families looking to secure homeownership and has initiated more than 1,100 projects. The lender has captured a combined project value of $402 million and currently generates over 5,000 transactions per month.
READ: Marble Financial says subsidiary Inverite reports record growth and transaction volume milestones
“With housing prices constantly increasing, rent-to-own options are becoming a popular alternative for Canadians looking to purchase a home,” said Lloyd Evetts, Inverite’s vice president of business development.
“The integration of our platform will provide them with the ability to almost verify a borrower’s transaction history instantly, ensuring efficient operations. Overall, this agreement will allow us to expand into a new market where there is a need for our advanced banking verification solutions.”
Under the agreement, Inverite will provide its state-of-the-art banking verification solutions to HOS Financial via application programming interfaces (APIs). As a result of Inverite’s connectivity to over 280 financial organizations, HOS Financial will be able to gain access to a borrower’s financial data within seconds, resulting in a faster decision-making process to determine the creditworthiness of its borrowers.
Given HOS Financial’s large customer base, Marble said Inverite will be able to gain a larger market presence within the Canadian rent-to-own industry. It will also receive a verification fee for every transaction completed through HOS Financial.
The company said HOS Financial will be fully operational with the Inverite platform in the next 30 days.
Marble also announced the resignation of Michael Feloa as an independent director due to his time demands in his other business interests.
"The board would like to thank Mr Feola for his tenure on the board and wish him the best in his future endeavours," the company said.
Contact the author at stephen.gunnion@proactiveinvestors.com