Marble Financial Inc. announced it has entered in a Memorandum of Understanding ("MOU") with Grit Financial Inc. The MOU provides the general terms and conditions of companies' collaboration to facilitate Marble's expansion into the United States through the integration of Marble's AI-driven technology for Financial Inclusion. Marble AI refers to Marble's scoring algorithms on its proprietary opening banking platform, Inverite, and Point Deduction Technology through its proprietary relationship with Score Navigator. These technologies will be integrated into Grit's mobile application and offered to Grit customers in the USA to provide AI-based recommendations to improve credit score and further insights into consumer's cashflow and eligibility for EWA on Grit's platform.

The integration of Marble technologies on Grit's platform will be marketed to USA consumers as Grit Score-Up. The companies also agree to collaborate on joint marketing efforts to promote the Grit/Score-up product in the United States as well joint development efforts to continue research and development on AI, predictability and scoring initiatives in the areas of credit and financial inclusion. The additional major significance of this relationship is related to the entry of Marble's Inverite Open Banking Platform into the USA market.

In financial services, open banking allows for financial data to be shared between banks and third-party service providers using application programming interfaces (APIs). Open banking allows customers to share their financial information securely and electronically with other authorized organizations, such as fintech companies, payment providers, and other banks. Grit has found that a significant number of its consumers transact or have bank accounts with financial institutions in the USA that are not supported by major open banking technology providers in the USA.

Marble, with its unique relationship with Grit, has a significant opportunity to capture this underserved market opportunities that exists with the thousands of credit unions and smaller, community banks in the United States. Both companies agreed to collaborate in joint marketing and development efforts to further the cause and realize this opportunity's potential. Marble will also provide Grit with the option to be the exclusive provider for Inverite risk assessment and scoring algorithms for the US market.

Reciprocally, Grit will provide Marble with the option to become the exclusive provider of the GRIT debt/charge card and EWA for Canada. Marble will make available to Grit its $10 million credit facility once customary due diligence, rates and terms are completed and approved by all parties, including the third-party provider of the credit facility. This collaboration between Marble Financial and Grit Financial marks an exciting milestone in their efforts to enhance financial services in Canada and the USA.

By combining their strengths and leveraging their respective technologies, both companies are well-positioned to achieve significant growth and deliver exceptional value to their customers. Both Marble and Grit intend that this MOU be replaced with a definitive agreement which will include additional representations, warranties, covenants and conditions consistent with transactions of this nature and is expected to be completed in third quarter of this year.