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Rackspace Technology and M1 Finance Accelerate Fraud Detection

September 18, 2020

Rackspace Technology and M1 Finance Accelerate Fraud Detection

Rackspace Technology and M1 Finance Accelerate Fraud Detection

SAN ANTONIO – September 18, 2020 – Rackspace Technology™ (NASDAQ: RXT), a leading end-to-end multicloud technology solutions company, today announced it brought expanded Amazon Web Services (AWS) capabilities to M1 Finance, a Chicago-based online financial services company.  This has helped M1 Finance accelerate fraud detection and enable real-time dynamic data querying through an efficient data pipeline.

M1 Finance offers an innovative money management application for intelligent investors seeking access to features such as automation, leverage investing and banking services, all wrapped into one integrated solution. The company’s platform has experienced significant growth, with over 200,000 accounts totaling approximately $2 billion in assets and counting. To ensure a secure user experience, M1 Finance aims to provide a seamless interface with robust security and fraud detection.

With its rapid user growth, M1 Finance found it was collecting a significantly higher volume of data from its internal systems than what could fit in its existing data warehouse. Handling such high data volumes could become costly with traditional data warehousing. The company also had Java applications that accumulated data over many years which could be highly useful for fraud analytics. This data was trapped in the silos of legacy databases and Onica, a Rackspace Technology company, provided a solution to query rapidly moving high volume data from the existing system.

“Onica’s team really went above and beyond in ideating and implementing the solution,” said Richard Whaling, Lead Data Engineer at M1 Finance. “A great degree of passion and craftsmanship was visible in the code style and design of the implementation, which is rare to find in these kinds of engagements and really awesome to work with.”

“Intelligent investors will benefit greatly from the data analytics advances M1 Finance has made to accelerate its secure processing of highly sensitive data,” said Tolga Tarhan, CTO, Rackspace Technology. “We’re proud to partner with M1 Finance to transition its legacy process and fully embrace intelligent automation capabilities, delivering the most streamlined customer experience through a near real-time solution.”

The new solution streamlined the process significantly, automating what was previously done manually over multiple hours to a practically real-time solution. The design of the solution provides scalability, low cost, and integration with existing data sets. The solution also offers superior flexibility, replacing the  process of having to queue tasks for an engineer with one where data analysts can perform ad hoc dynamic queries. M1 Finance business users now can build robust queries at scale and address their multi-petabyte size data sources and return meaningful, timely results. This provides a significant advantage in fraud detection where every minute reduced in processing time can mean proportionately higher success and improved security.

About Rackspace Technology

Rackspace Technology is a leading end-to-end multicloud technology services company. We can design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.

About M1 Finance
Award-winning M1 helps people manage and grow their money in easy, smart, automated ways – for free – on one integrated, secure platform. By combining investing, cash management, and portfolio lines of credit, M1 provides hundreds of thousands of people with choice and control over their money. M1 was named 2019 Best Robo-Advisor for Sophisticated Investors and 2019 Best for Socially Responsible Investing by Investopedia. For more information or to create an account, please visit www.m1finance.com.

M1 Finance Disclosures

Brokerage products and services offered by M1 Finance LLC, an SEC registered broker-dealer and Member  FINRA /  SIPC.

Investing in securities involves risks, including the risk of loss.

About Rackspace Technology

Rackspace Technology® (NASDAQ: RXT) is the operator of the full enterprise AI stack from governed private cloud to AI inference and agents in production. With an Outcomes-as-a-Service model built on secure infrastructure, data foundations, and forward-deployed engineering, Rackspace delivers business results for regulated and mission-critical industries where governance, sovereignty, and uptime are non-negotiable. Learn more at www.rackspace.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events and can be identified by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continues,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” “is putting,” “designed to,” or the negative of such terms or other similar expressions, although not all forward-looking statements contain these words.

 These statements include, but are not limited to, Rackspace Technology’s relationship with NVIDIA and the NVIDIA Cloud Partner Program, its Enterprise AI Cloud strategy, the anticipated capabilities, benefits and timing of its Institutional Sovereign Pod architecture, Rackspace’s outlook on the AI industry and its ability to deliver, operate, and scale AI infrastructure and solutions for regulated, institutional and sovereign enterprises. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including, without limitation: Rackspace's ability to realize the anticipated benefits of its relationship with NVIDIA and the NCP program; the availability, cost, and timing of deployment of NVIDIA and other third-party technology; Rackspace's ability to develop, market, and scale the Institutional Sovereign Pod and related offerings on the anticipated timeline or at all; market acceptance of and demand for sovereign and governed AI infrastructure solutions; competition in the AI infrastructure and cloud services markets; capital expenditure requirements associated with AI infrastructure buildout; availability of financing for the AI infrastructure buildout on terms acceptable to Rackspace; Rackspace’s reliance on a limited number of technology partners, including NVIDIA; cybersecurity, data privacy, and regulatory compliance risks associated with serving regulated and sovereign customers; general economic and industry conditions; and other risks and uncertainties described in Rackspace's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Rackspace undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.