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M1 migrates to Thought Machine

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.

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M1 migrates to Thought Machine

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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.

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Comments: (1)

Chris Davis

Chris Davis NED at LINK

Great to see Thought Machine making such good progress.   The real challenge now is to perfect the migration process from the legacy platforms to enable more banks to transition customer accounts and remove technical debt.

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