Helping Canadians Get Out of Debt
This Marble Lending profile is part of a paid investor education campaign.*
MLI Marble Lending Inc. (CSE:MRBL,OTCQB:MRBLF) 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 Lending has assisted over 1,100 Canadians and has funded over C$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 Lending 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 versus pre-established budgets, reminders and notifications to manage upcoming payments, free credit score monitoring and an online loan application for a consumer proposal discharge loan. The company is focused on offering socially responsible credit rebuilding solutions; specifically, working with Canadians who are in a consumer proposal.
Marble Lending 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 Lending 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 under banks 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 the rebuilding process.
Through the company’s proprietary dashboard of services, Marble Lending 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 C$15,000 with interest rates between 18.99 percent and 24.99 percent. With this product, Marble Lending 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 a similar amount they are currently paying to the LIT. 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 Lending 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 Lending 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 continues to educate and assist Canadians on how to maintain good credit and financial wellness.
Marble Lending’s Company Highlights
- Marble Lending 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 C$10 million in loans funded since its inception in 2016.
- Marble Lending’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 percent) filed as a consumer proposal.
- MNP Ltd., accounting firm reported that 46 percent of Canadians are C$200 away from financial insolvency at any given month end.
- Issues flexible, unsecured loans of up to C$15,000 with interest rates between 18.99 percent and 24.99 percent for qualified consumers.
- Marble Lending’s loan default rate is less than half of the rate reported by other under banks 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 percent 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 C$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 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, 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 Lending has developed a solution that allows its clients to restore their credit score, typically within two to three years.
Marble Lending’s Debt Solution Dashboard
The focus of Marble Lending’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 onboarding the client, Marble Lending 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 Lending 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 affects their credit.
Real-Time Budget Application: By connecting client bank accounts and credit cards to Marble’s 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: Third-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 Lending’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.
Score Up is a market-leading personal finance and credit management proprietary technology platform that allows consumers to leverage artificial intelligence (AI), data and statistics to visualize and control their finances and credit score on the road back to mainstream financial services. Score Up uses scientific and analytical mathematical software based on rigorous credit weight algorithms to analyze an individual’s credit data, financial information, and behavioral patterns to identify where the greatest positive impact can be achieved on a specific credit file.
Credit Meds Corp.
Credit Meds is a front-end diagnostic tool that allows Marble Lending to assess the financial health of a consumer and provide the appropriate prescription and recommendations towards financial wellness and recovery. Credit Meds offers credit coaching and debt restructuring alternatives through a proprietary financial wellness diagnostic process.
Marble Lending is a member of the Canadian Debtors Association (CDA). The CDA is a non-profit association that is committed and strongly believes that debtors deserve advocacy. CDA’s group of professionals are committed to helping individuals and families, particularly those who are financially vulnerable, to achieve a better quality of life. CDA’s approach includes introducing better structures, supports and the care that is needed for debtors to successfully recover from financial breakdown and insolvency.
In addition, Marble Lending is a member of the Canadian Lenders Association (CLA). The CLA provides its members with the tools to innovate, grow and to foster ethical lending practices in the business of lending or providing other means of credit to small businesses and individuals by non-conventional means. The CLA also works to educate the public about innovative lending.
Marble Lending’s Partnerships and Referrals
To date, Marble Lending 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 C$1 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 are provided with 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.
Trans Global Insurance
Marble Lending has a five-year agreement with both Trans Global Insurance and Trans Global Life Insurance Companies to offer its clients optional coverage for loss of employment, disability, critical illness and death. These insurance products are expected to be offered to Marble clients as part of their proactive approach to credit rebuilding under the Fresh Start program. The offerings protect clients as they seek to rebuild their credit score and these value-added products and services increase shareholder value in Marble as a company.
Marble Lending intends to 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.
Marble Lending has partnered with Vancouver-based, data science technology experts Theory+Practice (TAP) to develop an automated and integrated AI and machine learning platform. The new platform is expected to enhance Marble Lending’s credit decision-making process while also improving customer experience.
TAP is expected to assist in the design and execution of automating Marble Lending’s current underwriting process. The partnership is expected to result in the creation of the first-generation Marble Score, an automated data pipeline and a predicative decision engine. This is expected to provide Marble Lending’s clients with the fastest and most diligent service experience.
Marble Lending’s Management Team
Karim Nanji — CEO and Director
Karim Nanji is an accomplished leader with a proven track record for building and commercializing world-class financial technology. He has a significant background in retail financial services for underbanked, underserved and credit-challenged consumers in Canada, the US and international markets. Nanji is a concept through execution leader with over 25 years of experience across start-up, growth, enterprise and Fortune 500 organizations. Karim has a Bachelor of Arts in Economics from the University of British Columbia and a Master of Business Administration in the Management of Technology from Simon Fraser University.
Jim Chan – CTO
Jim Chan is a well-versed technology executive with a great reputation for building world-class technology teams and infrastructures. He has over 20 years of experience leading technology teams in developing some of the most advance financial technology solutions at one of Canada’s fastest-growing companies. He has a Bachelor of Applied Science from the University of British Columbia and is a registered Professional Engineer in British Columbia.
Alistair Brownlow — CFO
Mr. Brownlow previously worked as an auditor in the British Virgin Islands specializing in financial and regulatory reporting of public and private fund and trust companies. Prior to this Mr. Brownlow worked for a Canadian chartered accountant firm gaining significant accounting experience auditing public companies in Canada and throughout the world. Mr. Brownlow completed a Bachelor of Business Administration with first class honours from the Simon Fraser University and is a Canadian Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington).
Daniel McClure — Advisor, Strategy and Corporate Development
Dan McClure has over 25 years of professional experience, working in a variety of business development and executive leadership positions. He began his career in technology as an engineer, then moved into sales and marketing before his twenty-year career in the capital markets. Dan moved from investment banking into leadership roles in investment research, portfolio management, business development, and was the CEO & CIO of an alternative asset manager. He is a seasoned investor, having invested institutionally across multiple sector and geographic mandates; designed and launched four separate investment funds, two of which were award winners; and remains an active Angel investor. He currently serves as President, Blue Deer Capital, where he advises companies on corporate strategy, governance, capital raising and business development initiatives. Dan is a graduate of Electrical Engineering from Queen’s University and has his Master of Business Administration from the Ivey School of Business.
Patricia Giankas – VP Strategic Partnerships
Patricia Giankas has spent the last 20 years focused on the credit management and debt restructuring space in various capacities including a credit coach, licensed insolvency counselor and mortgage broker. She is a visionary and has created software tools to help consumers manage their personal finances and credit. Prior to this, she had a very successful an accomplished career within the banking industry for nearly 20 years.
Giankas’ holistic approach to managing personal finances is depicted in her commitment to people and financial literacy. She is a life skills coach and a minster and has helped many through their life challenges by providing support and guidance. She has authored The Power of Positive Credit and Great Credit NOW. She has co-authored several other books, and also writes monthly for an online magazine.
Rich Elliott — Director of Marketing and Creative
Rich has a 1st Class Honors Degree in Graphic Communication from The University of Northampton (UK). Originally starting his career at marketing agencies in London, Rich moved over to the Canadian technology scene gaining over 8 years of experience in eCommerce, food technology, and financial technology.
Rohan Chary — Senior Manager, Product and Technology
Mr. Chary is a seasoned Product Manager & Business Analyst with over 8 years’ experience in spearheading technology solutions for businesses in the financial sector, ranging from SMEs to Fortune 500 companies. He is typically involved in leading high stakes development projects from proof of concept to launch to provide effective solutions for customers, technology partners and internal stakeholders.
Rohan holds a Bachelor of Computer Systems Engineering from Massey University in New Zealand. He is also a Certified Product Manager with the Association of International Product Marketing & Management (AIPMM).
Marble Lending’s Advisory Board
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 years of 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.
Marble Lending’s Directors
Mike Marrandino — Executive Chairman 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.
Jason Scharfe — Director of Marble, TPFM and the Phoenix Fund
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.
Farhan Abbas — Independent Director
Mr. Abbas has significant entrepreneurial and financial services experience. His early career included roles at RBC Capital Markets, Manulife and State Street. Today, he serves on the Board of Directors of FutureVault Inc., a B2B2C white label digital Personal and Business, Life Management solution utilized by financial services organizations to acquire, retain and reward customers. He has consulted and provided capital markets advice to a number of publicly listed companies. His primary occupation is as CEO of PLK Holdings Inc., a private company which owns and operates fast food franchises across, Alberta, BC and Ontario. Mr. Abbas also serves as an Advisory Board Member of the Merry Go Round Children’s Foundation which operates the Kids, Cops & Computers program providing new laptops and mentoring to students in six provinces who lack consistent access to technology in their home environment.
Mr. Abbas has a Bachelor of Commerce in Finance and Accounting from McGill University, Montreal, completed his CPA in the United States and is a CFA Charterholder.
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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