Curve Credit picks Thought Machine’s Vault to power its platform

By Aisling Finn on Monday 19 October 2020

Alternative LendingDigital Banking

Thought Machine’s software-as-a-service product Vault will power Curve’s latest product offering, Curve Credit.

Curve Credit picks Thought Machine’s Vault to power its platform
Image source: Paul Taylor/Thought Machine

Curve Credit, the new credit offering from ‘all-your-cards-in-one' fintech Curve, has teamed up with banking technology provider Thought Machine to power its lending platform. 

Thought Machine’s flagship product Vault will bolster Curve’s new loan product, allowing customers to pay for purchases in instalments over a six or nine-month period.  

Curve will build Curve Credit by building upon Thought Machine’s cloud-based core banking platform.  

Paul Taylor, CEO of Thought Machine, said: “We look forward to working alongside Shachar, Paul, and the Curve team, to bring this truly unseen proposition to the market.”  

“Our teams share a passion for building expertly-engineered products that give customers choice and flexibility in managing their finances, and to do so in a meaningful way.” 

Through using Vault, the Curve Credit team will be able to build financial products by writing them as code into Thought Machine’s smart contracts interface, which is used by the likes of Lloyds Banking Group, Atom Bank, Standard Chartered and, most recently, Monese. 

Paul Harrald, head of Curve Credit, added: “Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers. Curve Credit’s ethos is about responsible lending and responsible borrowing.”  

“Alongside Curve OS, this three-way dynamic will be able to give each customer the clearest possible terms via a simple and beautiful product and experience.” 

Curve Credit can be applied both as soon as a purchase has been made and also through Curve’s signature ‘Go Back in Time’ technology, which enables users to change the payment card used to make a purchase. 

The newest addition to Curve’s product offering still remains in beta testing, currently only available to its employees, while it waits for approval from the FCA to bring Credit to market later this year. 

In another step closer to launching the product, Curve Credit recently hired Henry Kenner as its latest non-executive director. 

Kenner brings over 30 years’ experience in the financial industry, including a tenure as the managing director of Deutsche Bank, Swiss Re Capital and Dutch bank ABN Armo. 

Thought Machine has also been busy as of late, having created 150 new roles in 2020, extended its Series B by an extra $42m, bringing the total to $125m, as well as hiring ex-HSBC operations chief Andy Maguire as its new chair.

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