Marble Financial announces execution of binding LOI to acquire Inverite Verification

Through this, Marble will acquire all of the issued and outstanding common shares in the capital of Inverite for a purchase price of CDN 1.5 million. 

The Vendors also have a two-year performance-based opportunity to earn a further CDN 2.5 million based on a multiple of Annual Incremental Revenue Growth (“AIR”) formula. Marble has the option to pay the USD 2.5 million, if earned, with shares from treasury based on the previous 10-day VWAP on the 1st and 2nd anniversary date for calculating the AIR.  It is expected that due diligence, and execution of the Definitive Agreement will take place on or before March 31, 2021. Marble and Inverite are at arms-length.

Inverite, a Canadian financial technology provider for real-time access to financial data and insights, boasts connectivity to 286 Financial Institutions (“FI”) access points which is 15X greater than its closest competitor in Canada. Inverite also has the highest (99% vs 93%) implied consumer coverage and the fastest processing time by a factor of two over its competition. Its AI-based model Risk Score is trained from millions of banking verification requests and loan behaviors. The Founding team of Inverite has over 50 years of experience in the financial services and technology space. Inverite has an international presence with coverage of FI’s in the South American market and will continue to expand its AI offering, globally.

Their platform security has completed a SOC2 Type I examination through AuditWerx and offers Multi Factor Authentication for client logins and IP whitelisting for API’s. Inverite has not experienced any security or privacy incidents since its inception in early 2017.

The addition of Inverite’s complementary technology and team of experts further solidifies the existing Marble strategy and platform to enable Digital Financial Inclusion for the millions of Canadians that are underserved and excluded from mainstream financial services and the economy, for that matter. This transaction strengthens Marble’s capabilities and offerings to consumers and businesses alike.