Bpifrance selects Thought Machine to power finance offerings to SMEs
By Gloria Methri
Thought Machine, the UK-headquartered technology unicorn has been selected by Bpifrance, the French public investment bank, to use its cloud-native core banking platform. Bpifrance will be using Thought Machine’s Vault Core platform to power its digital transformation strategy.
Thought Machine claims that Vault Core’s Universal Product Engine allows Bpifrance to build, test, and launch new products faster than other core systems. Its first product on Vault Core, a two-year commercial loan, is already live.
The cloud-native design of Vault Core ensures Bpifrance can scale at pace, both in terms of product offerings and customer numbers. It will also be able to configure and personalise financial products to match customers’ specific needs.
Paul Taylor, CEO, Thought Machine, said, “Partnering with Bpifrance is a significant moment for the business. Running on Vault Core, Bpifrance is modernising how financial services are delivered to businesses of all sizes. We share Bpifrance’s vision in delivering next-generation, modern financial services, and are excited about the bank’s ambitions to scale over the coming years.”
Arnaud Caudoux, Deputy CEO at Bpifrance in charge of Finance, Risks, Information Systems, and Guarantee, added, “Bpifrance wants to build on its network, experience, and mission to offer French companies the best financing and support, both online and with business managers. With Thought Machine, we have chosen a cloud-native core banking system, operating entirely in event-driven logic and in real-time, perfectly aligned with our architectural choices and allowing us to achieve our ambitions.”
Thought Machine’s client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than $500 million in funding and has headquarters in London, with regional headquarters in Singapore, New York, and Sydney.
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