Inverite adds Xcash to Open Banking Ready AI

Executive Summary

• Inverite Insights Inc. has partnered with Xcash Financial Services Inc. to integrate Xcash into its Open Banking Ready AI platform, aiming to enhance credit decisioning capabilities for Xcash's 50,000+ Canadian customers.
• Concurrently, Inverite announced a private placement and debt-to-equity conversion transaction to raise up to $1.5 million in total capital.
• The financing involves issuing up to 4.67 million units/shares to settle existing payables and insider loans, alongside a non-brokered private placement of up to 5.33 million units at $0.15 per unit.

Key Details

• Partnership Details:
  • Xcash Financial Services Inc. added to Inverite's Open Banking Ready AI platform.
  • Xcash will leverage Inverite’s proprietary technology for faster, data-driven credit decisions.
  • Integration supports real-time financial insights for Xcash’s online platform and mobile app.
• Financing Structure:
  • Debt Settlement: Issuance of up to 4.67 million units and/or common shares to settle up to $700,000 in account payables to vendors and loans advanced by insiders/third parties.
  • Private Placement: Non-brokered offering of up to 5.33 million units at $0.15 per unit.
  • Gross Proceeds: Up to $800,000 from the private placement portion.
  • Total Capital Raised: Up to $1.5 million (combined debt settlement and cash proceeds).
• Security Terms:
  • Each unit comprises one common share and one-half warrant.
  • Warrants are exercisable to purchase one common share at an exercise price of $0.20.
  • Warrant term: Two years.
• Regulatory and Conditions:
  • Transaction subject to approval of the Canadian Securities Exchange (CSE).
  • Hold period: Four months and one day from the closing date for all securities issued.
  • Finder fees may be paid in accordance with applicable laws and exchange requirements.

Notable Quotes

• "Our partnership with Inverite allows us to deliver quicker and more precise lending decisions while continuing to provide the reliable and responsible service our clients expect," said Almog Harush of Xcash.
• "We are proud to support Xcash as they enhance their lending services with advanced, real-time verification tools. This partnership reflects Inverite's commitment to helping financial service providers improve accuracy and efficiency in credit decisioning," said Karim Nanji, chief executive officer of Inverite.