TORONTO, June 15, 2018 /CNW/ - Globalive Technology (TSX-V: LIVE), an artificial intelligence and blockchain technology commercialization firm and Flexiti Financial ("Flexiti"), a leading private label credit card issuer in Canada, are pleased to announce 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 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.
Flexiti recently acquired TD Financing Services' Canadian private label credit card portfolio, on which more than 2 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 6 successful exits ranging from $10M to $1.3B USD. It has also made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
Flexiti has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online, becoming one of Canada's leading private label credit card issuers. Through our award-winning platform, we deliver a POS financing experience across any device that is customer-centric, simple and intuitive. Without the need to integrate into existing POS systems, retail partners can easily offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases. With high approval rates, innovative products and services, flexible promotional offers and a partnership-first approach, Flexiti is helping people improve their lives through better financing. For more information, visit www.flexiti.com.
For press and media inquiries:
Communications Officer, Globalive Technology
For investor inquiries:
Account Manager, Renmark Financial Communications
This news release contains forward-looking statements relating to Globalive leveraging certain aspects of Flexiti's business, benefits of its software for merchants, the joint venture building blockchain infrastructure for various applications, Globalive's plan to develop a first mover advantage, the ability of the joint venture to strengthen Flexiti's competitive advantage, Globalive's intention to license the technology to others and the resulting participation in revenue growth and cost savings. Such forward-looking statements are identified by terms such as "will", "intends" and similar expressions. All statements other than statements of historical fact, included in this release, including, those noted above are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Globalive's expectations include software not functioning as expected, competitors in the space, third parties not using the software or licensing the technology as expected, economic conditions making the technology or licenses not as attractive as expected and other risks as set out in the Filing Statement filed by Globalive on May 29, 2018 and available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Globalive. As a result, Globalive cannot guarantee that any of the forward looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Globalive will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law."
SOURCE Globalive Technology