Marble Financial Inc said it entered a licensing agreement with Lendforall.ca, a leading business and consumer loan provider based in Canada, and also announced a private placement to raise up to $1.5 million.
The company said Lendforall is the first in Canada to offer loan matching services that implement artificial intelligence, in which applicants are connected to numerous lenders and financial institutions.
Under the terms of the agreement, Marble will license Marble Connect, its proprietary application programming interface (API) to Lendforall, enabling it to gain valuable insight and data on its user base to provide financial rehabilitation for sub-prime customers.
READ: Marble secures licensing agreement with Debtsadhu for its proprietary Marble Connect API
Additionally, Marble said Lendforall will be empowered to produce more accurate matching results for its customers and lending product providers. As a result, Lendforall’s platform alongside Marble Connect will provide greater long-term value for its customer base, leading to increased brand loyalty and high customer retention, it added.
Upon the integration of the Marble Connect API with Lendforall’s platform, Marble said it expects to gain roughly 5,000 new Marble members monthly, along with access to their customers’ full financial credit and banking data.
It will then be able to monetize this data by incorporating it into the advanced risk score platform of its Inverite Verification subsidiary to determine what Marble solutions are the best fit for the customers, based on their financial standing.
Overall, the agreement represents the first marketplace website within the alternative lending space to integrate Marble Connect, it said.
"The Canadian alternative financial services industry offers lucrative opportunities that we want to capitalize on, and this agreement allows us to continue expanding within the lending sector," said Doug Tanner, Marble's vice president of business and corporate development.
"Our advanced technology coupled with Lendforall’s products will result in a robust and comprehensive offering that will be beneficial for both business and consumer applicants, resulting in significant value creation for their customer base.”
Marble also told investors that it intends to raise gross proceeds of up to $1.5 million through a non-brokered private placement of up to 11,538,462 units at a price of $0.13 per unit.
Each unit will be comprised of one common share and half of one common share purchase warrant, with each whole warrant entitling the holder to buy an additional share for $0.15 for a period of 12 months from the closing date of the proposed offering.
It said the net proceeds of the offering will be used for:
- Sales and marketing programs for Marble Connect
- Further development and launch of Credit Beacon and Credit Meds on the MyMarble platform
- Development and launch of the MyMarble Mobile App
- Expansion of the MyMarble Platform through its existing partnership agreements in the US market
- General working capital and corporate purposes
In connection with the proposed offering, Marble said it may pay certain finder’s fees, subject to compliance with applicable securities laws and the rules and regulations of the Canadian Stock Exchange. It also announced that it has granted 50,000 restricted stock units to a consultant of the company.
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 author at stephen.gunnion@proactiveinvestors.com