Private debt platform Cordada taps Thought Machine for core banking tech
Cordada, a private debt platform serving SME lenders and fintechs in Latin America, has partnered with Thought Machine to utilise its cloud-native core banking offering, Vault Core.
Thought Machine says its tech will enable Cordada to “design, test, and deliver” personalised financial products for lenders across the region. The firm will migrate its existing products and services onto Vault Core, using it as a Software-as-a-Service (SaaS) hosted on the Google Cloud Platform.
Cordada will look to leverage Thought Machine’s global product library – a collection of pre-built smart contracts “ready for launch” – to create financial products that it can customise and modify as per its requirements.
Founded in 2019, Cordada operates in Chile, Peru, and Mexico. With Vault Core, it aims to expand into new markets across Latin America.
In choosing its new partner, Andrés Prats, co-founder and CEO at Cordada, says the company was “impressed by the flexibility and power of Thought Machine’s technology”.
“Vault Core will enable us to create highly differentiated financing products quickly and effortlessly without depending on the Thought Machine team. This, in turn, will empower the next generation of SME lenders to develop modern solutions as they tackle the great challenge of bridging the $1 trillion financing gap for SMEs in Latin America,” Prats adds.
Earlier this year, Italian banking giant Intesa Sanpaolo’s new digital banking offering Isybank also went live on Thought Machine’s Vault Core.