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MQube partners with Thought Machine to offer real-time decisions and a smoother journey for mortgage customers

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New partnership aimed at giving customers more timely, accurate and straightforward loans and mortgages

MQube, the parent company of mortgage lender MPowered Mortgages, has today announced that it has partnered with Thought Machine, the cloud-native banking technology company providing core banking and payment solutions. The partnership will allow banks, building societies and non-bank lenders to make real-time decisions on mortgage loans, giving end customers more timely, accurate and straightforward loans and mortgages.

This partnership will streamline processes for banks, building societies and non-bank lenders by offering them a holistic solution which utilises both Thought Machine’s core banking platform, Vault Core, and MQube’s AI-driven mortgage platform to ease every step of the journey in the core banking and mortgage ecosystem, from origination to underwriting, through to account management.

MQube’s leading mortgage origination platform, adopted by its prime residential lending brand MPowered Mortgages, uses the power of artificial intelligence and data to speed up and simplify every part of the mortgage journey by focusing on better customer experience, higher certainty and more control.

Vault Core allows banks, building societies, and non-bank lenders to build, test and launch tailored products designed specifically to meet customers’ needs, from green mortgages to customised savings accounts. Vault Core operates in real time while its microservices architecture allows institutions to scale at speed.

Stuart Cheetham, CEO at MQube and MPowered Mortgages, said:  

“Banks, building societies and non-bank lenders have been slow to both adopt and integrate the latest technologies into their business models. Their legacy technology adopted by banks has resulted in a long and arduous mortgage journey that borrowers complain about. This remains a key problem for banks and leads to unhappy customers.  

“This partnership allows us to offer banks, building societies and non-bank lenders a solution to this age-old problem, with smoother banking and a faster mortgage process resulting in more satisfied borrowers and a streamlined solution to their financial affairs.

“Our mortgage platform, which is available to all mortgage brokers nationwide, has changed the mortgage process for the better and improved the way our brokers do business. We are excited to extend the benefits of our platform to banks, and work with Thought Machine to improve the entirety of the mortgage and lending ecosystem.”

Liam Leahy, Managing Director, Sales, EMEA, at Thought Machine, said:

“Building societies, banks and non-bank lenders risk being left behind if they fail to adopt modern technology now. Mortgage customers want a fast, simple, and efficient service – which existing, outdated technology platforms are failing to deliver.

“By offering personalised products that can meet customers’ specific needs – in contrast to the ‘one size fits all’ approach that currently causes frustration and delay for mortgage customers across the country – mortgage providers will be able to grow their customer bases and increase their market share.

“We’re looking forward to working with MQube in streamlining and simplifying the entire mortgage process for providers and their end customers nationwide.”

About MQube

Founded by Stuart Cheetham and Richard Fitch in 2016, MQube was established with the goal of making mortgage origination and distribution better for all. MQube exists to deliver better outcomes by rethinking every step of the mortgage journey. Designed to empower every part of the ecosystem by focusing on a better experience, higher certainty, and more control, MQube puts the user first.

In 2019, MQube raised its seed funding from AV8 (lead investor), IQ Capital and JamJar Investments and has the backing from three of the largest blue-chip financial institutions in the world – Barclays, M&G Investments and Citigroup’s SPRINT arm.

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.

The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is a team of 600 people spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.

For more information, visit thoughtmachine.net

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