Temenos (SIX: TEMN), the banking software company, today announced that M1 Finance, the Finance Super App™, has selected The Temenos Banking Cloud. With Temenos, and through collaboration with a third-party bank, M1 will broaden its suite of financial services to include banking, starting with deposits and payments and eventually expanding into lending.
M1’s mission is to empower financial well-being by creating one of the world’s best platforms for long-term money management. The company has created a suite of financial tools enabling clients to Invest, Borrow and Spend. M1 takes the complexity out of investing, making wealth creation easy while promoting healthy financial habits. In July 2021, M1 completed a round of Series E funding that propelled it to unicorn status with a valuation of $1.45 billion.
Economic uncertainty in the face of the global pandemic has led to an increased appetite to build wealth, with ~20% of market activity now coming from retail investors.1 Over the past year and a half, M1 has more than doubled its client base and quintupled its assets under management to $5 billion. For its next stage of growth, M1 is seeking to redefine financial services and move into the banking industry through collaborative efforts.
To do this, it needed a cloud platform that could connect to M1’s front-end, scale massively, and move quickly as M1’s strategy evolves. Temenos’ open cloud banking platform will serve as the foundation for M1 to launch banking services, while creating hyper-efficient cost structures. Using Temenos Model Bank methodology and the pre-configurations for Temenos Transact and Payments, M1 will be able to quickly roll out new products and features. The increased efficiency, agility, and flexibility will enable M1 to deliver seamless, outstanding client experiences.
Brian Barnes, Founder & CEO, M1 Finance, said: “We believe that our clients should have total choice, control and transparency over how they achieve their personal and financial goals. We are passionate about helping people from all walks of life to grow their wealth and build their financial future. To fulfill this promise, we need technology that is fast, open, and scalable as we continue to grow our products and client base. This partnership will help us build a stronger, faster, more secure technology stack that makes our clients’ experience on M1 even better. Temenos’ open cloud banking platform will enable us to support massive growth and make wealth creation accessible to every American.”
Jacqueline White, President – Americas, Temenos, said: “At Temenos, we have a vision to power a world of banking that opens up opportunities for be people to achieve their ambitions. We are delighted that M1 will use the Temenos Banking Cloud to deliver on its mission to help its clients take control of their financial future and build their wealth. Temenos’ open cloud technology will pave the way for innovation, empowering M1 to create collaborative products that challenge how we think of banking, delivering a seamless experience and banking services that work for its clients wherever they are in their journey.”
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
