Thought Machine completes $83m Series B funding round
Cloud core banking firm Thought Machine has closed a Series B funding round worth $83 million.
Thought Machine founder and CEO, Paul Taylor
Thought Machine’s existing investors (Lloyds Banking Group, IQ Capital, Backed and Playfair Capital) participated in the round. IQ Capital contributed $19 million from scale up fund.
Founded in 2014, Thought Machine offers a cloud-based core banking system dubbed Vault. The system has been deployed at Lloyds, Standard Chartered, SEB, and UK challenger Atom Bank.
The firm plans to use most of the funding to fuel its expansion into markets outside of Europe.
It has already gone some way to achieving that goal, having opened a Singapore office in 2019 to offer Vault in Asia Pacific markets.
Thought Machine is planning a North American presence in 2020 and has floated expansion plans to both Australia and Japan.
Related: Thought Machine unveils Vault Rare
“For the past six years, our purpose has been to offer banks a next-generation solution to liberate them from legacy systems which plague the financial services industry,” says Paul Taylor, CEO and founder of Thought Machine.
“Thought Machine’s revenues are very healthy, as we see cloud native banking become the most common desired target architecture for the world’s banks. The customer demand is huge, and this investment allows us to grow rapidly enough to serve all our target markets.”
Taylor’s former employer Google signed a partnership with Thought Machine in November 2019, which saw the latter join the tech giant’s Partner Advantage Programme.
