Marble Financial Inc said it has entered a licensing agreement with Debtsadhu Inc, a leading broker of personal loans to collection agency debtors.
Under the terms of the agreement, Marble will license Marble Connect, its proprietary application programming interface (API) to Debtsadhu, enabling it to gain roughly 500 new users per month as well as access to customers’ financial credit and banking data.
As a result, Marble said it will be able to leverage Debtsadhu’s user data and offer its monetary products to Debtsadhu customers.
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“We are pleased to license our technology to Debtsadhu, a company that aims to help Canadians who are struggling with debt payments and low credit scores,” Marble’s vice president for business and corporate development Doug Tanner said in a statement.
“With this agreement, we can continue to scale up our brand within the alternative lending space and grow our outreach in assisting underserved Canadians who lack access to mainstream financial services, achieve their financial goals.”
Debtsadhu provides feasible options to debtors to help improve their credit score and pay off any outstanding debt by leveraging partnerships with various lenders.
The agreement is the latest in a series of contracts with businesses that operate in the lending space. As a result of the deal, Marble said it will be able to further establish itself in the alternative lending industry, in particular, the collections lending sector.
“Marble has a unique financial platform that can offer great value to our customers by helping them strengthen their credit and borrow money despite their current financial circumstances,” Debtsadhu CEO and founder Shivam Singh said.
“Marble’s principles align with our mission of delivering viable financial solutions to our customers and we look forward to offering more Fintech products on our platform that integrate Marble’s advanced technology.”
Marble Connect is expected to go live on Debtsadhu’s platform in December 2021.
Contact the author at stephen.gunnion@proactiveinvestors.com