Mexican fintech start-up Trafalgar taps Thought Machine for core banking technology
Mexican fintech start-up Trafalgar, which aims to provide financial services for SMEs, has partnered with Thought Machine to leverage its core banking technology.
Mexico’s Trafalgar picks Thought Machine
Marking its first foray into Mexico, Thought Machine claims that by utilising its core banking platform Vault Core, Trafalgar will become Mexico’s first fintech deployed on cloud-native core banking technology.
Founded in 2021 and based in Mexico City, Trafalgar will focus on serving the country’s SME sector, which it claims receives “limited” support from legacy banks, by offering an “all-in-one” financial services platform featuring borrowing and lending products.
The start-up is a regulated Sociedades Financieras Populares (SOFIPO), a due to its focus on an underserved sector. This allows the firm to provide services such as deposits, payments and transfers, FX and loans.
With plans to launch its new platform in Q2 2024, Trafalgar aims to further use Thought Machine’s core to develop additional financial services, including virtual cards, point-of-sale (POS) systems, and digital authentication, among others.
Commenting on the partnership, Trafalgar’s founder and CEO, Porfirio Sanchez Talavera, says Thought Machine was a “clear choice” for the start-up.
“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,” he says. “This, in turn, will allow us to transform the financial experience for SMEs in Mexico.”
