Helping Canadians Get Out of Debt
MLI Marble Lending Inc. (CSE:MRBL) is a financial technology company that specializes in consumer credit, providing proven financial credit rebuilding strategies for Canadians. The company has pioneered socially responsible credit rebuilding solutions for consumers in a soft bankruptcy insolvency event. Since the company’s inception in 2016, Marble has assisted over 1100 Canadians and has funded over $10 million in consumer proposal discharge loans in order to assist these Canadians to accelerate their credit rebuilding. The company currently generates revenue through traditional lending practices in a niche market and is focused on monetizing future additional features on its proprietary platform and increasing its product offering as customers move upstream in the credit space.
Marble has developed a proprietary personal finance and credit wellness platform. The current “Marble Platform” provides its customers with a budgeting tool to track monthly spending vs pre-established budgets, reminders and notifications to manage upcoming payments, free credit score monitoring and an online loan application for a consumer proposal discharge loans. The company is focused on offering socially responsible credit rebuilding solutions; specifically, working with Canadians who are in a consumer proposal.
Marble is the only credit wellness company in Canada that offers an unsecured loan to qualified Canadians to retire an active consumer proposal as the first step in their journey to rebuild their credit. Since 2016, Marble has helped Canadians rebuild their credit in less than half the time it takes through a traditional consumer proposal, while maintaining default levels that are one-half of those reported by other Canadian underbanks through their traditional loan products.
A consumer proposal, sometimes referred to as a soft bankruptcy, is a legally binding process that is overseen by Licensed Insolvency Trustees (“LIT”). The process is designed to assist Canadians that are financially insolvent. This process results in creditors accepting a negotiated settlement – ‘cents on the dollar’ – that is to be repaid by the consumer over a specified period of time, usually 48 to 60 months. Over the past decade, consumer proposals have become more popular than bankruptcies and now make up the majority of consumer insolvency filings. A consumer proposal reports on the credit bureau as a bankruptcy; hence, severely and negatively impacting the consumer’s credit score. It can take up to eight years for the record of the consumer proposal to be removed from the consumer’s credit report, resulting in very limited, if any, access to credit to start rebuilding their credit.
Through our proprietary dashboard of services, Marble offers its credit rebuilding strategies to consumers who are in an active consumer proposal. Marble’s consumer proposal discharge offer is a flexible, unsecured loan of up to $15,000 with interest rates between 18.99 percent and 24.99 percent. WIth this product, Marble pays out the consumer proposal for qualified applicants. The flexibility of the loan terms and interest rates ensures that the consumer can maintain their payment obligation with the similar amount they are currently paying to the Licensed Insolvency Trustee. At the same time, the consumer is afforded the opportunity to pay out the loan early. Access to mainstream credit increases as their credit score and wellness improves with regular and timely payments aligned with the consumer’s payroll.
The company has partnerships in place, specifically with one of the largest independent credit counseling companies in Canada. To date, this partnership has provided Marble with a majority of its clients – clients that have applied and qualified for Marble’s consumer proposal discharge loan by taking a proactive approach to rebuilding their credit
Marble continues to add more partnerships and referral programs to increase consumer awareness and access to the growing number of Canadians filing consumer proposals annually. With further development, acquisition and integration of additional financial technology products and services, Marble will continue to educate and assist Canadians on how to maintain good credit and financial wellness.
- Marble generates revenue through interest and service fees.
- The proprietary financial wellness dashboard includes free monthly credit scores, push email notifications, a real-time budget app, loan application system, and partner agent referral portal.
- The company intends to monetize the dashboard features and information gathered with personalized product offerings.
- Over $10 million in loans funded since its inception in 2016.
- Marble’s credit rebuilding strategies can help restore credit scores to mainstream banking levels in less than half the time of that of traditional government regulated consumer proposal.
- In 2018, over 125,000 Canadians filed for consumer-insolvency and over half (56%) filed as a consumer proposal.
- MNP Ltd., Accounting Firm reported that 46% of Canadians are $200 away from financial insolvency at any given month end.
- Issues flexible, unsecured loans of up to $15,000 with interest rates between 18.99 percent and 24.99 percent for qualified consumers.
- Marble’s loan default rate is less than half than that reported by other underbanks offering traditional loan products.
- Management, Directors and insiders notably own approximately 33 percent of the company’s common shares.
Canada’s Debt Problem
Debt levels in Canada have been on the rise for decades. Since 1990, Canada’s level of indebtedness has more than doubled to a record 178% of income, making individuals more susceptible to situations that lead to insolvency. This has led to the development of an annual Canadian consumer-insolvency market worth over $15 billion in debt liabilities. The market is growing rapidly in Canada due to high living costs and a rise in interest rates.
There are two types of insolvency: bankruptcy and consumer proposal. A consumer proposal is a formal, legally binding process that is administered by a Licensed Insolvency Trustee (LIT). In this process, the LIT will work with you to develop a “proposal”—an offer to pay creditors a percentage of what is owed to them, or extend the time you have to pay off debts, or both. The term of a consumer proposal cannot exceed five years. Payments are made through the LIT, and the LIT uses that money to pay each of your creditors.
Filing for bankruptcy or submitting a consumer proposal will hurt a person’s credit score, which will affect that individual’s ability to secure loans in the future. It can take up to eight years to rebuild an individual’s credit score after filing a consumer proposal. To help its clients get back on their feet, Marble has developed a solution that allows its clients to restore their credit score, typically within two to three years.
Marble’s Debt Solution Dashboard
The focus of Marble’s business is to help eliminate debt and improve credit wellness in a socially responsible way. Marble differentiates itself from other debt settlement companies in Canada by focusing on customers who have filed a consumer proposal through a LIT and are interested in a proactive credit rebuilding manner. To this aim, Marble provides its services to Canadians that have had good financial habits since the consumer proposal insolvency event.
Before on-boarding the client, Marble ensures that they have been in a consumer proposal for at least one year. Clients are then provided access to the Marble client dashboard, which offers a number of financial services to help users improve their credit health.
The Marble dashboard includes a number of essential financial services designed to provide Canadians with a better opportunity to improve their credit health and transition out of debt.
Free credit score: Marble customers have access to their credit score on a monthly basis. This helps clients monitor their credit rebuilding activities and stay up to date.
Push email notifications: Enables all customers to set as many friendly reminders as they need to make sure they never miss a future payment, which in turn will affect their credit.
Real-Time Budget Application: By connecting client bank accounts and credit cards to our internal budget app, clients can monitor and receive updates on their spending relative to their established budgets.
Online Loan Application: Marble’s internal loan application allows for clients to easily apply for an unsecured Consumer Proposal discharge loan.
Agent Referral Portal: 3rd party Debt Restructuring Providers that have engaged in Marble’s partnership program can refer and monitor their customers to the Marble Dashboard for a Consumer Proposal discharge loan and access to our other credit rebuilding tools.
In a four-step process, clients can access Marble’s loan service offerings. Clients fill out a simple online application, which is then reviewed by Marble’s Customer Success and Credit Underwriting Team. During the review process, a loan underwriter assesses the client’s current payment schedule and terms to ensure all objectives are met. Data is also collected for the development of Marble’s risk scoring algorithm. Through the platform, Marble customers can also receive push notifications as reminders to ensure they are making their payments on time. Once Marble discharges the client’s consumer proposal, their credit score improves, immediately.
Partnerships and Referrals
To date, Marble has offered its consumer proposal discharge loan products through partnerships and referrals within the debt consolidation industry. Currently, Marble has a partnership with one of Canada’s largest debt consolidation companies that help Canadians find solutions to deal with approximately $1,000,000 (one million) of consumer debt every day.
Marble Lending has partnered with Smarter Loans to implement its ‘Fresh Start’ program. Under the partnership, Smarter Loans clients will be provided access to Marble’s proprietary credit wellness platform and flagship unsecured consumer proposal discharge loan product. The partnership is expected to aid Marble in gaining exposure while enabling Canadians to seek a proactive approach to credit rebuilding.
Marble will continue to grow its partnerships and referral programs across Canada so as to reach Canadians who are seeking a proactive approach to restoring their credit wellness. Restoring an individual’s credit profile creates financial wellness by increasing the chance that an individual gets access to mainstream financial services and terms. Marble intends to grow its product offering upstream and continue to monetize the Marble Platform features after the loan is complete.
Mike Marrandino — President, CEO and Director
Mike Marrandino is an experienced c-level business consultant with a demonstrated history of over 30 years working in the management consulting industry. His expertise includes business planning, corporate development, mergers and acquisitions and start-ups. He currently serves as a director of Global Daily Fantasy Sports Inc., a publicly-traded company on the TSXV, and a director of Pick A Price Auto Corp., a private digital car-shopping platform for consumers. Marrandino obtained his Mechanical & Industrial Engineer Technologist education from the British Columbia Institute of Technology.
Ron Burton — CFO
Ron Burton brings over 30 years of financial management experience in the private and public sectors, with a focus on developing policies and procedures to improve performance, productivity, accountability and security. Before joining the Marble Financial, he worked as CFO in the construction, restaurant franchise and resort industries. From October 2013 until February 2018, he was the CFO for Bear Creek Contracting Ltd., a private construction company. Prior thereto, from May 2012 until September 2013, he was CFO and controller for Eclipse Geomatics and Engineering Ltd., a private engineering company. Burton received a Bachelor of Commerce from the University of British Columbia in 1981 and was granted his Chartered Professional Accountant designation (CPA, CA) in 1984.
Dane Ellis — CTO
Dane Ellis has spent the last 20 years developing and managing enterprise-level financial and CRM systems and has spent time in both the financial industry and the entrepreneurial start-up world. Over the past five years, he has co-founded two start-ups, the most recent being TestDriveAnything.com, a market leader in online prospecting for the auto industry. He has been Chief Technology Officer for Test Drive Anything since September 2014. Previously he was the head developer for Persuasive Labs Inc., a private data analytics company. Ellis received a Bachelor of Science degree in Computer Science from the University of Saskatchewan in 1997.
Greg Webdale — Customer Success and Credit Manager
Greg Webdale is a seasoned credit professional with over 40 years experience in consumer, mercantile and construction credit. He held various positions in a variety of industries. Before joining Marble Financial, Greg spent over 13 years with a private consumer finance company. Previously, he was a Credit Manager with a major plumbing, heating and HVAC supplier, and held a position with a US bank. Greg has also provided consulting services to a broad cross-section of companies in both mercantile and consumer finance. He is a past board member of the BC Chapter of the Credit Institute of Canada and has completed the Credit Institute’s credit professional designation.
Blake M. Elyea
Blake M. Elyea, A Chartered Professional Accountant (CPA), Chartered Insolvency and Restructuring Professional (CIRP) and Licensed Insolvency Trustee (LIT), Blake has over twenty-five years of professional experience providing business owners, individuals, shareholders, board of directors, financial institutions and stakeholders with financial advisory, restructuring, insolvency, audit, accounting and tax advice. Blake’s professional experience includes thirteen years at two National Accounting and Advisory Firms; and 4 years as a Partner, Shareholder and Managing Director of a mid-sized Financial Advisory and Restructuring Firm. Blake has broad industry knowledge across many sectors including high tech and automotive finance, pulp and paper, packaging, transportation, forestry, biotechnology, manufacturing, agriculture, non-profit organizations, construction and real estate. Blake currently provides independent Financial Advisory and Restructuring Services to companies throughout Western Canada.
Rahul Petkar, President and CEO of Mississauga based Ishkan Inc., is a business leader with over thirty year’s experience in the financial services and technology sectors spanning Asia, Middle East and North America. Currently, he is also the CEO of Intellect Design Arena Chile Ltda, a leading fintech, providing innovative payment and banking solutions in Latin America.
Rahul founded Polaris Canada, a banking technology company that serves all major Canadian banks and was responsible for scaling it up to over 250 employees. At TD Waterhouse, as Director International Development, he was a core member of the team responsible for the global expansion of TD’s brokerage business to Japan, UK, Luxembourg and Hong Kong. In the past, he has also worked with Citibank and Merrill Lynch in the business and operations areas.
Rahul has been a speaker and a panelist on topics pertaining to financial services, global sourcing and technology on various occasions including at the Toronto Financial Services Alliance and the Schulich Business School.
In 2013, Rahul was appointed by the Mayor of Mississauga to the Mississauga International Partnership Program and to the Mississauga Economic Advisory Board where he currently serves as Chairman.
Jason Scharfe — Independent Director
Jason Scharfe has over 30 years of insurance broker experience including the role of Managing Director of Marsh Canada Inc., an insurance brokerage company and wholly owned subsidiary of Marsh and McLellan Companies (NYSE:MMC). He has worked with Marsh Canada Limited for 23 years. Since mid-2009, he has held the position of Pacific Zone Leader of Marsh Canada (Vancouver) and since 2014 he has run the Western region.
Vikas Ranjan — Independent Director
Vikas Ranjan is a management professional with an MBA in Finance and Information Systems from McGill University in Montreal, Canada. He is a co-founder of Gravitas Financial Inc. and currently serves as its President and a director. Gravitas is an
investment holding and merchant banking company based in Toronto, Canada. His background includes over 22 years of experience in diverse areas of finance, capital markets entrepreneurship and investing.
Julie McClure — Independent Director
Julie McClure’s professional experience includes a combination of entrepreneurship, public and private equity capital raising and investing experience. Her background includes a decade of corporate finance experience on Wall Street and Bay Street in M&A and institutional Securities (Vice President, Morgan Stanley) and a decade of venture capital and entrepreneurial experience – investing in and working with early-stage and high-growth companies on strategy, business and corporate development initiatives across a wide variety of sectors (consumer and retail, fintech, technology and media). McClure is currently the CEO & Co-Founder of hello.me, a health, wellness and beauty lifestyle brand for female millennials and is currently a Director of Carl Data Solutions, Giftagram and Miraculo (cannabisMD.com).
Robert Geisthardt — Independent Director
Robert Geisthardt is a Chartered Professional Accountant (CPA) with over 18 years of experience in corporate reporting and finance. From 2009 to 2014, he was an incorporated partner of Quantum Advisory Partners LLP, a professional services firm that provides accounting, tax, internal audit and consulting services to private and public companies in Canada and the US. From 1999 to 2003, he was employed at Ernst & Young LLP in various roles, ending as a tax manager.
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