Inverite Insights Inc. (CSE: INVR; OTC: INVRF; FSE:2V0) (“Inverite” or the “Company”) is a leading AI-driven software provider utilizing real-time financial data to empower businesses to transact more effectively with consumers, would like to provide its shareholders and the investment community an overview on the accomplishments that the Company has achieved in 2024.
Strategic Transformation and Revenue Growth
This year marked a significant milestone in our journey as we successfully transitioned from Marble Financial (B2C) to Inverite Insights (B2B), coupled with a name change and a re-calibrated business strategy. This strategic shift has driven a 21% increase in average quarterly revenue during the period from December 31, 2023, through September 30, 2024.
By enhancing platform efficiencies and focusing on sustainable growth, we achieved double-digit revenue expansion while reducing average quarterly operating costs by 2% during the same period. These results underscore our ability to scale effectively while maintaining financial discipline.
Operational and Platform Achievements
Our verification solutions and open banking AI platform demonstrated strong momentum, with a 19% increase in average quarterly billable transactions between 2023 and September 30, 2024. Additionally, the number of lenders leveraging our platform grew by over 51% during the same period, highlighting our growing presence within the credit and lending industry.
In 2024, the Canadian government’s introduction of Consumer Directed Finance (Open Banking) initiatives and plans to legislate a reduction in high-cost credit to an APR of 35% by 2025 have further validated the relevance of our platform. These policy changes position Inverite’s products as critical components in the adjudication process for lenders serving prime and credit invisible consumers.
Expanding Consumer Impact
Our platform has engaged with over 1.6 million consumers in the nine months ending September 30, 2024, bringing our cumulative total to over 5.5 million consumers and more than 22 billion financial data points collected. This scale enables us to deliver unparalleled insights and value to our clients.
Innovative Product Suite
Inverite continues to innovate and enhance its product offerings, including:
· Instant Bank Verification – Seamless connection between apps, people, and financial institutions.
· PDF Bank Statements – Easy access to original statements from the top 12 institutions.
· KYC Age & ID Verification – Reduced fraud and increased sales.
· Risk Score & Micro Check – Advanced algorithms for comprehensive risk analysis.
· Data Enrichment – Improved risk management and insights for efficient operations.
Case Study: Driving Results for a Leading Canadian Lender
One of Canada’s top lenders, processing over 35,000 loans monthly, implemented our Risk Score solution and reported transformational outcomes:
· Default Rates by Count: Reduced by 44%, from 4.6% to 2.6%, significantly lowering financial exposure.
· Default Rates by $ Amount: Decreased by 43%, from 3.3% to 1.8%, protecting profitability.
· Loan Application Volume: Increased by 29%, from 35,967 to 46,263.
· Approved Loan Applications: Grew by 18%, adding 1,285 new loans to their portfolio.
A testimonial from this lender highlights the value of our solution: “What we liked most about Inverite’s solution is that, ultimately, it gave us the ability to minimize risk but also confidently grow. Their deep expertise in the Canadian market, combined with industry-leading advanced capabilities in risk-scoring, set them apart from their competitors.”
Leadership Insights
Karim Nanji, CEO of Inverite, commented: “In 2024, Inverite achieved transformational growth by focusing on its innovative B2B Open Banking Platform and products tailored to the evolving needs of the credit and lending sector. Amid a challenging financial market environment for microcap companies, we successfully delivered impactful tools that empower our clients to minimize risk and grow confidently. With regulatory changes and Consumer Directed Finance initiatives on the horizon, we are uniquely positioned to drive inclusive and responsible lending practices, solidifying our role as a leader in this rapidly evolving landscape. Looking ahead, Inverite remains committed to delivering value to shareholders and advancing the development of solutions that enable fair and efficient lending practices. We thank our shareholders for their continued support as we continue building a stronger, more impactful Inverite.”
About Inverite Insights Inc. (“Inverite”) (CSE: INVR) (OTC: INVRF) (FSE: 2V0) is a Vancouver-based, AI-driven software provider specializing in real-time financial data. With a vast database of over 22-billion financial data points from more than 5.5-million unique Canadian consumers transactions, Inverite empowers businesses to transact more effectively with consumers through innovative solutions for data enrichment, identity, risk management and compliance.
For further information about Inverite, please visit: inverite.com.
ON BEHALF OF THE BOARD
Mike Marrandino, Executive Chairman
T: (855) 661-2390 ext. 104 Email: ir@inverite.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider/Market Maker (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release, nor has in any way passed upon the merits of the proposed transaction nor approved or disapproved the contents of this press release.
Forward Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes that any forward-looking statements in this news release are reasonable, there can be no assurance that any such forward-looking statements will prove to be accurate. The Company cautions readers that all forward-looking statements, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on
information currently available. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the CSE. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.