Inverite, an AI-driven software provider, has announced the addition of Xcash Financial Services to its Open Banking AI platform to deliver optimal insights into credit decisioning.
Xcash will integrate Inverite’s technology to deliver optimal, data-driven credit decisions for its approximately 50.000 Canadian customers. By adding a real-time financial insights feature, Xcash will optimise its ability to provide efficient, accurate, and responsible lending services, both through its online platform and the Xcash mobile app, offering customers convenient and secure access to financial products on the go.
According to company data, Xcash provides Canadians with access to various financial products, including instant payday loans of up to USD 1.500, unsecured personal loans of up to USD 5.000, and an invoice factoring solution for businesses.
Additionally, the company announced its intention to issue up to 4.67 million units (Units) and/or common shares (Shares) to settle USD 700.000 in accounts payable to vendors and loans advanced to the company by insiders and third parties. It will also offer a non-brokered private placement of up to 5.33 million Units at USD 0.15 per Unit for gross proceeds of up to USD 800.000. The company may pay finder fees in accordance with applicable laws and exchange requirements, subject to CSE approval.
Open Banking in Canada: a shift towards personalisation
The new features added to Inverite arrive at a time when the Government of Canada highlights the significance of Open Banking integrations, especially for customers and small businesses. The 2025 EY Canada Open Banking Survey shows that security, data control, and trust are collectively 27% more important than streamlining banking processes. Additionally, the simplification and personalisation of financial products are important for customers and SME owners in the changing Open Banking landscape.
