Inverite Insights Inc. Partners with infinitii ai to Revolutionize Credit Assessment for Underbanked Consumers
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Vancouver, British Columbia--(Newsfile Corp. - February 6, 2024) - Inverite Insights Inc. (CSE: INVR) (OTC Pink: MRBLF) (FSE: 2V00) ("Inverite"), a leading AI-driven software provider that leverages real-time financial data for businesses to better transact with consumers, proudly announces a strategic collaboration with infinitii ai inc. (CSE: IAI) (FSE: 7C5) (OTCQB: CDTAF) ("infinitii ai"). This partnership aims to enhance Inverite's data science, data enrichment, and AI capabilities, specifically in the development of its proprietary predictive algorithms catering to the largest sector of the credit economy - the alternative lending industry.
Underbanked consumers, often overlooked by traditional credit scoring methods, represent a significant segment seeking credit through alternative lending channels. With an extensive database of consumer payroll and spending data comprising over seven billion financial data points from more than four million unique Canadian consumer transactions, Inverite is on a mission to revolutionize credit assessment by leveraging infinitii ai's expertise in AI, machine learning and data modeling.
Jean Charles Phaneuf, CEO of infinitii ai, expressed enthusiasm about the collaboration. "We are pleased to engage with Inverite, a market leader in alternative financial data, to develop new data models and increase its AI capabilities," he stated. "This project validates the versatility of our AI expertise and the transferability of our machine learning technology as we expand into new vertical markets."
In a move aimed at predicting credit repayment and default behavior of loan applicants, Inverite has enlisted the support of infinitii ai to enhance its predictive scoring methodologies. The partnership encompasses more in-depth machine learning capabilities, continuous optimization, solution development and technology licensing.
Karim Nanji, CEO of Inverite, highlighted the importance of the collaboration. "infinitii ai has an excellent reputation for building AI-driven software leveraged by large enterprise customers across North America. Our companies will work together in close collaboration to accelerate our data science and AI initiatives to further empower business and consumers to make well-informed financial decisions, especially in the alternative lending space as we move towards an Open Banking environment."
As Canada's credit economy sees a surge in demand for credit through alternative lending, Inverite anticipates that data science models and algorithms developed in collaboration with infinitii ai, will provide a much-needed predictive tool for lenders and merchants going forward. The goal is to offer a comprehensive assessment beyond traditional credit scores, addressing the unique needs of underbanked consumers and fostering a more inclusive and accurate creditworthiness evaluation process using payroll and spending data from consumer financial bank account transactions.
This collaboration underscores the commitment of both Inverite Insights Inc. and infinitii ai inc. to drive innovation, ushering in a new era of data-driven insights for the alternative lending industry. Together, they aim to set a new standard in credit assessment, benefiting businesses and consumers alike.
About Inverite Insights Inc.
Inverite Insights Inc. ("Inverite") (CSE: INVR) (OTC Pink: MRBLF) (FSE: 2V0) is a Vancouver-based, AI-driven software provider specializing in real-time financial data. With a vast database of over seven billion financial data points from more than four million unique Canadian consumers transactions, Inverite empowers businesses to transact more effectively with consumers through innovative software-as-a-service (SaaS) and risk-model-as-a-service (RMaaS) solutions.
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.
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