Finance super-app M1 deploys Thought Machine’s Vault Core
Financial services super-app M1 has selected core banking vendor Thought Machine to power and grow its platform.
M1 will deploy Thought Machine’s Vault Core to build and launch new products from one unified, coherent “source of truth”.
The financial wellbeing super-app is designed to help people invest, borrow and spend “intelligently” all within one automated and personalised in-app experience.
M1 CEO Brian Barnes says: “As we develop our suite of investing, borrowing and banking products, we need a truly modern core to power us into the future.
“Vault Core is unlike any other banking platform: its microservices-based architecture and smart contracts capabilities each enable the configuration and launch of highly complex products all from a single, real-time platform,” Barnes adds.
M1 selected Vault Core for its modern architecture which takes full advantage of cloud-native computing.
M1 will migrate existing banking products and accounts onto Vault Core and its Universal Product Engine will enable M1 to design and build new lending and banking products, while its real-time Ledger will give M1 complete control over the management of its data.
Last year, M1 completed a Series E funding round that valued the business at $1.45 billion. The company has $6 billion in assets under management.