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May 24, 2022

M1 selects Thought Machine to power finance super-app

M1, a finance super-app, has selected cloud-native banking technology provider Thought Machine to power and grow its platform. 

The fintech will leverage Thought Machine’s Vault Core to build and launch new products from a single platform. 

M1 is a money management platform offering automated and personalised investing, borrowing, and banking services.

In July 2021, M1 secured $150m in a Series E funding round at a $1.45bn valuation. 

While announcing the investment, M1 said it will use the proceeds to develop new products and features and expand its team.

The partnership will see M1 migrate existing banking products and accounts onto the cloud-native core banking engine.

M1 will use the Vault Core’s Universal Product Engine to design and build lending and banking products and leverage the real-time Ledger to manage data.

M1 CEO Brian Barnes said: “We want to help individuals have far greater control over their financial future. 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.” 

Thought Machine CEO and founder Paul Taylor said: “Banks and fintechs investing in cloud-native technology will be set up to succeed – and M1 is clearly one of these firms. We are delighted to be working with M1 as they use modern tools to build a world-class service.”

Last week, UK-based Thought Machine raised $160m through its Series D funding round at a $2.7bn valuation. 

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