FINCA, a global leader in inclusive finance, has partnered with Thought Machine, the next-generation banking technology company to launch "361 by FINCA, a transformative operating platform to scale financial inclusion beginning in Africa.
To
date, financial services providers (FSPs) have struggled to support the
financial wellbeing of low-income customers, largely due to rigid, poorly
tailored products and cumbersome loan assessment and enrolment processes.
“361
by FINCA” is a first-of-a-kind platform powered
by Vault Core, introducing new levels of configurability and efficiency
previously unattainable for many FSPs in emerging markets. With Vault Core’s
real-time architecture and API-first design, FINCA will
be able to deliver flexible, integrated financial products tailored to help
low-income customers invest in opportunities, build financial resilience, and
access streamlined, automated loan assessments and renewals. The technology
will also allow FINCA to rapidly
scale across African markets and integrate with customer service channels and
interaction points.
Thought
Machine’s modern technology and innovative approach position it to be the ideal
partner for the platform—Vault Core is completely free from legacy code and
designed for efficiency and scale. The “361 by FINCA”
platform will seamlessly integrate into and enrich the functional capabilities
of the existing business software stack. With Vault Core, FINCA gains the flexibility to launch
innovative products tailored to the diverse needs of its customers, including
smallholder farmers, families on the margins, and microentrepreneurs. Its
real-time data capabilities and modular design mean faster rollouts, greater
personalisation, and a more agile response to evolving market needs.
“We’re
building a new fintech platform that is fast, flexible, and deeply connected to
people’s lives,” said Herman Spruit, CEO, 361 by FINCA. “With 361, powered by Thought
Machine’s technology, we can create innovative, personalised financial products
that grow with people’s lives—whether saving for school, starting a business,
or supporting their families.”
Paul
Taylor, CEO and Founder, Thought Machine, comments: “This partnership
reflects a deep commitment to using cloud-native technology to build
world-class financial products that drive economic growth. Supported by modern
core technology, banks are empowered to create a future where financial
services are accessible to individuals everywhere. We look forward to working
with FINCA to build the future of
financial services across the continent.”
The
platform’s build will be led by Ikigai Digital, a certified Thought Machine
delivery partner known for its deep technical expertise and successful track
record implementing Vault Core. Ikigai Digital’s team of subject-matter experts
has hands-on experience in platform operations, migration, and integration
architecture, ensuring high-quality, end-to-end implementation.
Andy
Farmer, CEO, Ikigai, comments: "Ikigai has formed a strategic
partnership with FINCA to build and
run a Microfinance Platform. Together, we are building a new business
underpinned with cutting-edge technology that will provide huge flexibility for
customers, driven by the shared mission to expand financial access in
underserved markets and enhance the lives of millions of people."
The
“361 by FINCA” operating platform will
also offer white-labelling capabilities, allowing other organisations to
leverage Vault Core’s engine to deliver customised financial services to their
customers. This approach breaks down traditional barriers to access, enabling a
broader ecosystem of providers to accelerate financial inclusion across the
continent.
