FINCA, a global organisation based in Washington, D.C. focused on inclusive finance, has partnered with Thought Machine, a banking technology firm headquartered in London, to launch “361 by FINCA”, a new operating platform aimed at expanding financial inclusion, starting in Africa.

Financial services providers have long faced challenges in effectively serving low-income customers, often due to rigid product offerings and inefficient loan assessment and onboarding procedures.

The new platform, powered by Thought Machine’s Vault Core, introduces a more configurable and efficient system for financial services providers operating in emerging markets.

Vault Core’s real-time architecture and API-driven design will enable FINCA to offer more flexible and integrated financial products.

These products are intended to support low-income individuals by improving access to investment opportunities, strengthening financial resilience, and simplifying loan assessments and renewals.

The technology is also expected to support FINCA’s expansion across African markets and facilitate integration with customer service channels.

Vault Core’s cloud-native system is designed without legacy code, focusing on scalability and operational efficiency.

The “361 by FINCA” platform will integrate with FINCA’s existing business systems and allow for the launch of financial products tailored to various customer segments, including smallholder farmers, marginalised families, and microentrepreneurs.

Its modular design and real-time data functionality are expected to support faster product rollouts and more personalised services.

“We are building a new fintech platform that is fast, flexible, and deeply connected to people’s lives,”

said Herman Spruit, Chief Executive Officer of 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, Chief Executive Officer and founder of Thought Machine, commented:

“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 implementation will be led by Ikigai Digital, a certified Thought Machine delivery partner.

Based in the UK, Ikigai Digital specialises in core banking deployments and will oversee the build, migration, and system integration of the new platform.

The “361 by FINCA” platform will also offer white labelling options, allowing third-party organisations to use Vault Core’s engine to develop and provide tailored financial services.

This is intended to broaden access to financial tools by supporting a wider ecosystem of providers working to expand financial inclusion across Africa.

Featured image credit: Edited by Fintech News Africa, based on image by designify via Freepik