C6 Bank will use banking technology to launch new offerings. Credit: Pexels from Pixabay.

São Paulo, Brazil-based digital lender C6 Bank has turned to Thought Machine for core banking technology.

The full-service bank, which caters to both individuals and businesses, will leverage Thought Machine’s Vault Core, a cloud-native core banking platform, to develop and launch new offerings.

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A testing and simulation phase is underway to test Vault Core’s ability to manage financial products and scale as the bank expands, the official statement said.

Later, more information about the financial products powered by Vault Core will be released.

Thought Machine CEO and founder Paul Taylor said: “C6 Bank is a digital-banking leader in Brazil and a critically important client for us as we continue our expansion in Latam.

“This partnership demonstrates the flexibility of Vault Core and the capabilities of its Universal Product Engine in building and running innovative financial products catered to our clients’ specific markets.”

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Launched in 2019 by former partners at Banco BTG Pactual, C6 offers banking services to around 20 million customers.

In June last year, JPMorgan Chase agreed to pick a 40% stake in C6 Bank, marking the US bank’s foray into the Brazilian retail banking market.

Recently, media reports emerged that C6 Bank will launch consumer-facing branches to expand its customer base and compete with rivals.

Last month, Thought Machine was chosen by UnionDigital Bank, the digital unit of Union Bank of the Philippines to power its banking platform.