Mr. Anthony Lacavera reports
GLOBALIVE TECHNOLOGY AND FLEXITI FINANCIAL FORM JOINT VENTURE TO CREATE ARTIFICIAL INTELLIGENCE AND BLOCKCHAIN SOFTWARE FOR CONSUMER LOANS MARKET
Globalive Technology Inc. and Flexiti Financial, a leading private label credit card issuer in Canada, have agreed to a joint venture to build and commercialize software utilizing artificial intelligence (AI) and blockchain technology.
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 chief executive officer 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 chief executive officer 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 financial technology 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.
Flexiti recently acquired TD Financing Services' Canadian private label credit card portfolio, on which more than two million transactions valued at more than $3-billion have been facilitated.
Globalive Capital holds a controlling stake in both Globalive Technology and Flexiti Financial.
About Globalive Technology Inc.
Globalive Technology is a next-generation software company and venture partner that is developing and investing in innovative solutions to disrupt traditional industries using AI, IoT and blockchain technology. The company forms partnerships with leading high-growth companies to co-develop artificial intelligence and blockchain technology stacks. It is controlled by Globalive Capital Inc. which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10-million (U.S.) to $1.3-billion (U.S.). It has also made over 100 venture investments and has over 45 technology companies in its portfolio.
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