Cordada, a private debt platform that caters to lenders and fintechs serving small and medium-sized enterprises (SMEs) in Latin America, has announced its partnership with Thought Machine.
Cordada will use Thought Machine‘s cloud-native core banking platform, Vault Core, to develop highly personalised financial products “for SME lenders and fintechs across Latin America.”
Cordada will use Vault Core as SaaS hosted “on the Google Cloud Platform (GCP).”
Cordada will migrate existing products and services onto Vault Core and leverage this technology “to design, test, and deliver high-quality financial products that empower lenders of all sizes to fund the next generation of SMEs. Currently operating in Chile, Peru and Mexico, Cordada will use Vault Core to expand its services into new Latin American markets.”
Cordada chose Vault Core to “support its customer base with a comprehensive suite of lending solutions, based on dynamic and personalised credits secured with portfolio collateral.”
With Vault Core, Cordada will effortlessly create financial products by leveraging Thought Machine’s global Product Library – “a collection of pre-built smart contracts ready for launch. Cordada can customise these products before launch or modify them if required.”
This capability enables Cordada to “offer highly personalised and localised products to its customer base while supporting multi-currency assets.”
Andrés Prats, co-founder and CEO at Cordada, said:
“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.”
Paul Taylor, founder and CEO, Thought Machine, comments:
“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.”
