Trafalgar, a Mexico-based financial services provider for SMEs (regulated SOFIPO), has partnered with Thought Machine, the cloud-native banking technology company, to create a Mexican fintech deployed on next-generation core technology called ‘turbofintech’.
Using Thought Machine’s core banking platform, Vault Core, Trafalgar will develop a suite of additional financial services. These include digital cards, POS systems, digital authentication, and more.
Trafalgar plans to launch turbofintech, in the second quarter of 2024. This partnership is a crucial move toward empowering Mexican SMEs, essential to the national economy. It looks to do this by providing the digital tools needed for success in a dynamic economy.
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.”
turbofintech’s audience
This platform will offer a wide range of services. Examples include credit cards, lending, borrowing, and more. It looks to overcome 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.
Thought Machine’s first client in the Mexican market is Trafalgar. 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.
Paul Taylor, founder and CEO, Thought Machine, comments: “We look forward to supporting Trafalgar in bringing the benefits of truly cloud-native technology to the Mexican market.”
Francis Bignell
