Uk core banking vendor Thought Machine continues to make inroads in the US, signing SoftBank Vision-backed financial super app, M1, as its latest client.
M1 intends to migrate all existing banking products and account to Thought Machine's cloud-native core banking engine, Vault Core. The shift will enable M1 to design and build lending and banking products from a single platform, and its real-time Ledger will give M1 complete control over the management of its data.
With over $6 billion in assets under management, M1 services hundreds of thousands of self-directed investors with a product range encompassing investing, digital checking, and portfolio lines of credit.
Last year, M1 completed a Series E funding round that valued the business at $1.45 billion.
Brian Barnes, CEO of M1, 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.”
News of the deal comes a week after Thought Machine doubled its valuation to $2.7 billion on the back a $160 million funding round led by Singapore's Temasek with support from a clutch of top tier banks.