Cloud banking fintech Thought Machine enters unicorn club in $200m raise
London-based cloud-native business-to-business banking provider Thought Machine has entered the unicorn club – startups valued at $1bn or more – following a $200m Series C funding round.
It was led by New York VC firm Nyca Partners and the investment arms of some of its bank clients, including JPMorgan Chase, ING and Standard Chartered.
Other investors in the funding include existing backers Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed and IQ Capital.
The funding round follows a period of expansion for Thought Machine. In October this year, it relocated to a larger London headquarters and has added over 200 employees since 2020.
Thought Machine funding to fuel expansion
It has also expanded internationally as it looks to deploy cloud-native core banking technology into banks and fintechs.
Thought Machine was founded in 2014 by former Google engineer Paul Taylor. It provides cloud-native core banking technology to some of the largest and most ambitious banks in the world. It plays a key role in the future of global banking technology and a number of its investors are also clients.
The new funding will be used for developing and expanding Vault, its banking platform, and its Universal Product Engine, the technology that allows for flexibility in product development and configuration. The banking provider also wants to expand its international reach, strengthening its five global offices and targeting new key markets.
“We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions,” said Thought Machine CEO and founder Paul Taylor. “These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”