Cordada Integrates Thought Machine’s Vault Core to Empower Lending to SMEs in LatAm

‍By means of its new partnership, Cordada, a personal debt platform that caters to lenders and fintechs serving small and medium-sized enterprises (SMEs) in Latin America, will use Thought Machine‘s cloud-native core banking platform, Vault Core, to develop extremely personalised monetary merchandise for SME lenders and fintechs throughout Latin America (LatAm).

Cordada will use Vault Core as SaaS hosted on the Google Cloud Platform (GCP). It would migrate current services and products onto Vault Core and leverage this know-how to design, take a look at, and ship high-quality monetary merchandise that empower lenders of all sizes to fund the subsequent era of SMEs. Presently working in Chile, Peru and Mexico, Cordada will use Vault Core to broaden its companies into new Latin American markets.

“We’re extraordinarily impressed by the flexibleness and energy of Thought Machine’s know-how. Vault Core will allow us to create extremely differentiated financing merchandise shortly and effortlessly with out relying on the Thought Machine crew. This, in flip, will empower the subsequent era of SME lenders to develop fashionable options. Particularly as they deal with the good problem of bridging the $1trillion financing hole for SMEs in Latin America,” stated Andrés Prats, co-founder and CEO at Cordada.

Cordada selected Vault Core to assist its buyer base with its suite of lending options. Particularly, this was executed primarily based on dynamic and personalised credit secured with portfolio collateral. With Vault Core, Cordada will create monetary merchandise by leveraging Thought Machine’s world Product Library. This can be a assortment of pre-built good contracts prepared for launch. Previous to the launch, Cordada can customise the merchandise. It may possibly additionally modify them if required.

This functionality permits Cordada to supply personalised and localised merchandise to its buyer base whereas supporting multi-currency property.

Creating a brand new period for SMEs in LatAm

Thought Machine’s shopper roster consists of Lloyds Banking Group, Commonplace Chartered Financial institution, Intesa Sanpaolo, and Curve, amongst others worldwide. The corporate’s current partnership bulletins with C6 Financial institution in Brazil and Cordada additional reinforce its dedication to increasing its presence in Latin America.

Paul Taylor, founder and CEO, Thought Machine, feedback: “Operating on Thought Machine know-how, Cordada will empower lenders of all sizes and supply high-quality financing choices to SMEs throughout Latin America. We sit up for Cordada enhancing its product choices and delivering a brand new period in SME funding for LatAm companies.”

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