M1 Finance has selected Thought Machine, the cloud-native banking technology company, to power and grow its platform.

The development comes as the automated money management platform seeks to become the place for managing all aspects of one’s financial lifestyle. Its products allow people to invest, borrow, and spend in one app.

Further, M1 will tap into Thought Machine’s Vault Core, allowing it to design and build lending and banking products.

"As we develop our suite of investing, borrowing, and banking products, we need a truly modern core to power us into the future,” said CEO Brian Barnes.

“Vault Core is unlike any other banking platform: its microservices-based architecture and smart contracts capabilities each enable the configuration and launch of highly complex products all from a single, real-time platform.”