UK-based Thought Machine, a cloud-based banking technology company empowering the financial industry with digital transformation, raised USD 200 million on 29th November.
Investors: Nyca Partners, ING Ventures, JPMorgan Chase, and Standard Chartered Ventures led the round. Several existing investors took part in the round to maintain their stakes, including Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital.
Purpose of funding: The startup will use the funds to continue its development and expansion of Vault. A cloud-based retail banking platform developed the startup. In addition, as part of its global expansion strategy, the company will strengthen its five global offices and target new key markets to accelerate the adoption of cloud-native core banking across the industry.
About Thought Machine
Founded in 2014 by Paul Taylor, Thought Machine is located in London, England. Thought Machine is a cloud-based banking technology company empowering the financial industry with digital transformation. The startup aims to allow banks to move away from the outdated IT platforms that blight the banking sector by deploying modern solutions. It offers the solution Vault, a cloud-based retail banking platform. With this platform, any bank can easily configure it to suit its needs.
Further, the startup has an engineering excellence culture, resulting in a persuasive solution to drive a paradigm shift in the banking sector. As of now, it has more than 500 employees in the startup, located in London, Singapore, Sydney, Melbourne, and New York.
What the founder has to say
“We are delighted to have earned the support of our new and existing investors as we continue to move the world’s leading banks into the cloud. 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. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services,” said Paul Taylor, CEO and co-founder at Thought Machine.
What the investors have to say
“Thought Machine is the leading technology among the new generation of cloud native core platforms, and as a result it has become the top choice for tier one banks looking to upgrade their core architecture. These institutions tell us that Thought Machine’s engineering approach is unrivalled; Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks. Investing in Thought Machine is an investment in the future of banking and we are very energized to be working with them as they build a new standard for core banking technology,” said Hans Morris, Managing Partner at Nyca Partners.
“The deployment of Thought Machine is tied to our digital banking strategy, as we have adopted Thought Machine as the core banking software for our digital banks in Singapore and Hong Kong. Thought Machine’s cloud-native and agnostic technology stack offers agile and easily replicable deployment across markets, boosting our ability to roll out efficient digital banks with great customer experience in other markets. Digital Banking is one of our high-conviction themes, as we strongly believe finance should be a seamless experience embedded in our customers’ lifestyles. This will continue to be a focus area for SC Ventures,” said Alex Manson, Head of SC Ventures at Standard Chartered.
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