Globalive Technology and Flexiti Financial Form Joint Venture to Create Artificial Intelligence and Blockchain Software for Consumer Loans Market

Globalive Technology (TSXV:LIVE) has announced a joint venture to build and commercialize software using artificial intelligence and blockchain.

As quoted in the press release:

Globalive Technology will leverage Flexiti’s $300 million loan portfolio, 1.1 million customers, and related historical loan data to build an AI platform that analyzes consumer purchase and credit history. The software will allow merchants to create value-added transactions at the point-of-sale and reduce bad debt by predicting loan outcomes using machine learning. The joint venture will also build blockchain infrastructure for loan funding, merchant supply chain management, and loyalty programs.

“We’re excited to be working with a leading fintech firm like Flexiti, that has built a substantial ecosystem of customers, merchants and a loan funding and servicing platform,” said Anthony Lacavera, Founder, Chairman and CEO of Globalive Technology. “We are executing on our plan to develop a first mover advantage in commercializing AI and blockchain infrastructure through joint ventures with carefully selected strategic partners like Flexiti.”

“We are thrilled to partner with Globalive Technology,” said Peter Kalen, Founder and CEO of Flexiti. “Building and operationalizing industry-leading software will strengthen our competitive advantage and further differentiate us in the marketplace with AI-driven solutions that help our merchant partners drive more and larger sales.”

Once this platform is operational at scale, Globalive Technology intends to license the technology to other fintech companies through a transaction-based software licensing model. This will allow Globalive Technology to participate in revenue growth and cost savings created by the blockchain-based platform.

Click here to read the full press release.