Thought Machine has partnered with private debt platform Cordada to close the funding gap for Latin America SMEs.
Cordada caters to lenders and FinTechs serving small and medium-sized enterprises in Latin America.
It will use Thought Machine’s cloud-native core banking platform, Vault Core, to develop highly personalised financial products for SME lenders and FinTechs in the region.
Thought Machine featured on our FinTech 50 ranking last year.
Currently operating in Chile, Peru and Mexico, Cordada will use Vault Core to expand its services into new Latin American markets.
“We are extremely impressed by the flexibility and power of Thought Machine’s technology. Vault Core will enable us to create highly differentiated financing products quickly and effortlessly without depending on the Thought Machine team. This, in turn, will empower the next generation of SME lenders to develop modern solutions as they tackle the great challenge of bridging the $1tn financing gap for SMEs in Latin America,” said Andrés Prats, co-founder and CEO at Cordada.
Paul Taylor, founder and CEO, Thought Machine, commented: “Running on Thought Machine technology, Cordada will empower lenders of all sizes and provide high-quality financing options to SMEs across Latin America. We look forward to Cordada enhancing its product offerings and delivering a new era in SME funding for Latin American businesses.”
Thought Machine’s client roster includes Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, and Curve, among others worldwide. The company’s recent partnership announcements with C6 Bank in Brazil and Cordada further reinforce its commitment to expanding its presence in Latin America.