Monday, June 17, 2024

Thought Machine expands into Latin America, partners with Trafalgar to develop Mexico’s next fintech for SMEs

Trafalgar, a Mexico-based financial services provider for SMEs (regulated SOFIPO), today announces its partnership with Thought Machine, the cloud-native banking technology company, to create Mexico’s first fintech deployed on next-generation core technology. Trafalgar will use Thought Machine’s core banking platform, Vault Core, and develop a suite of additional financial services, including digital cards, POS systems, digital authentication, and more.

Trafalgar plans to launch the new platform, termed a ‘turbofintech’, in the second quarter of 2024. This partnership is a crucial move toward empowering Mexican SMEs, essential to the national economy, with the digital tools they need for success in a dynamic economy.

Trafalgar’s main goal is to create an innovative, all-in-one financial platform to serve this vital sector. This platform will offer a wide range of services, such as credit cards, lending, borrowing, and more, overcoming the limitations of legacy banks in serving SMEs with digital and personalised solutions.

Trafalgar chose Thought Machine’s Vault Core for its simplicity and flexibility. Vault Core is a cloud-native, API-first core banking platform featuring unique product development capabilities. This functionality will empower Trafalgar to effortlessly create innovative financial products for Mexico’s SMEs.

Trafalgar is Thought Machine’s first client in the Mexican market. Furthermore, Thought Machine’s recent collaborations with C6 Bank in Brazil and Cordada in Chile underscore the company’s track record of empowering the next generation of financial service providers in Latin America.

Porfirio Sanchez Talavera, founder and CEO, Trafalgar, comments: “Our vision is to combine the agility and innovation of fintech with the reach and impact of traditional banks to create the industry’s first turbofintech. This, in turn, will allow us to transform the financial experience for SMEs in Mexico. Thought Machine is the clear choice for our quest for excellence.”

Paul Taylor, founder and CEO, Thought Machine, comments: “We are pleased to partner with Trafalgar, a company with huge ambition to support the growing SME population in Mexico with a groundbreaking service. We look forward to supporting Trafalgar in bringing the benefits of truly cloud-native technology to the Mexican market.”

Founded in 2014 in London by former Google engineer Paul Taylor, Thought Machine solves the long-standing legacy technology problem in banking. Global Tier 1 banks, including Standard Chartered, Lloyds Banking Group and Intesa Sanpaolo, and challenger banks and fintechs, such as M1, C6 Bank and HMBradley, are clients of Thought Machine.

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