Marble Financial Inc has announced that its wholly-owned B2B subsidiary Inverite Verification Inc has gone live with its banking verification software with FinExpert, a leading provider of B2B FinTech solutions.
Founded in 2017, FinExpert (FinX) offers a unique loan management platform to businesses within the lending space. More than 150,000 loans have been taken out to date and over 2.5 million transactions have been completed annually through its platform.
Marble said that given the high transaction volume on FinX, Inverite has been selected as the partner to integrate its cost-effective and cutting-edge instant banking verification solutions along with its connectivity to its industry-leading 286 financial institutions' access points, which enables Inverite's clients to complete thousands of transactions per week.
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Inverite's proprietary open banking platform assesses and verifies a user's banking information in near real-time, leading to a faster decision-making process in generating lending profiles. With a database of over 1 million users on FinX's platform, Marble said the integration of Inverite's solution will result in a robust automated loan management system that is suited for businesses operating in the alternative lending space.
"We are pleased to integrate our technology platform with Inverite's verification software solutions," said Jimmy Beauregard, founder of FinX, in a statement. "This collaboration will help us optimize our service offering for all clients that use our loan management software and provide an optimal experience for over a million users."
Lloyd Evetts, director of business development with Inverite, added: "Our technology provides a competitive advantage that can help lenders complete more transactions seamlessly, leading to higher customer retention. Securing this partnership with FinX enables us to advance our Open-Banking strategy by increasing our reach to more users through their client network. We look forward to working with them."
Marble noted that the total transaction value in the North American alternative lending sector is expected to grow at a compound annual growth rate of 1.02% and is projected to reach US$9.27 billion by 2025, which underscores the need for advanced banking verification solutions.
As previously announced, five industry partners went live with the Inverite software in November 2021 and FinX represents the latest client to launch it on their platform in recent months.
Additionally, Marble signed multiple client licensing agreements for Inverite's technology solutions last year, which are on track to go live in 2022.
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