Financial services super app M1 has selected core banking provider Thought Machine to power and grow its platform.
M1 will deploy Thought Machine’s Vault Core to create and launch new products from a unified and consistent “source of truth.”
The financial wellness super app is designed to help people invest, borrow and spend “smartly” in one integrated, automated and personalized experience.
M1 CEO Brian Barnes said: “As we grow our suite of investing, borrowing and banking products, we need a truly modern core to propel us into the future.
“Vault Core is unlike any other banking platform: its microservices-based architecture and smart-contract capabilities each enable the configuration and launch of highly complex products from a single platform in real time,” adds Barnes.
M1 selected Vault Core for its modern architecture that takes full advantage of cloud-native computing.
M1 will migrate existing bank products and accounts to Vault Core and its universal product engine will allow M1 to design and build new lending and banking products, while its real-time ledger will give M1 full management control of its data.
Last year, M1 completed a Series E funding round that valued the company at $1.45 billion. The company has $6 billion in assets under management.