Fintech & Ecommerce

Trafalgar & Thought Machine to Create a Mexico-Based FinTech

Trafalgar will use Thought Machine’s core banking platform to develop a suite of additional financial services, including digital cards, POS systems, digital authentication, and more, for the new Mexico-based FinTech

Trafalgar Thought Machine to Create a Mexico-Based FinTech

Fintech startup Trafalgar, which aims to provide financial services for SMEs, has partnered with London-based Thought Machine to leverage its cloud-native core banking technology, Vault Core, for the launch of its own new fintech platform.

Founded in 2021 and based in Mexico City, Trafalgar is a regulated Sociedades Financieras Populares (SOFIPO), focusing on local small businesses. The license allows the firm to provide financial services such as deposits, payments and transfers, FX and loans.

Leveraging Vault Core technology will enable Trafalgar to launch a new digital financial platform in the second quarter of 2024. The all-encompassing ‘turbofintech’ platform will offer a wide range of services, such as credit cards, lending, borrowing, and more personalised solutions. The startup also aims to develop a suite of additional financial services, including digital cards, POS systems, and digital authentication for the business segment that remains underserved by legacy institutions.

Trafalgar is Thought Machine’s first client in the Mexican fintech market. Paul Taylor, founder and CEO of Thought Machine, commented on the news: “We are pleased to partner with Trafalgar, a company with huge ambition to support the growing SME population in Mexico with a groundbreaking service. We look forward to supporting Trafalgar in bringing the benefits of truly cloud-native technology to the Mexican market.”

Trafalgar chose Thought Machine’s cloud-native, API-first core banking platform Vault Core for its simplicity and flexibility. Porfirio Sanchez Talavera, founder and CEO of Trafalgar, explained: “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.”

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.