Thought Machine, a London, UK-based Fintech company that builds cloud-native technology to revolutionize core banking, closed a $200 million in Series C.
The round was led by New York- and San Francisco-based Nyca Partners, with other new investors including ING Ventures, JPMorgan Chase Strategic Investments, and Standard Chartered Ventures.
Lloyds Banking Group, which led Thought Machine’s Series A, has also participated in the latest raise. Other existing investors also returning for Series C are British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.
The new funding will be used to continue the development and expansion of its flagship SaaS product Vault, a cloud-native platform which its b2b customers rely on to provide a range of retail banking services, from checking accounts, savings accounts, loans, and credit cards to mortgages.
Company: Thought Machine Group Limited
Raised: $200.0M
Round: Series C
Funding Month: November 2021
Lead Investors: Nyca Partners
Additional Investors: ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures, Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital
Company Website: https://thoughtmachine.net/
Software Category: Cloud-native core platform
About the Company: Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud-native core banking technology to large and growing banks in the world. Thought Machine describes itself as a cloud-native core banking technology firm and is selling cloud-based banking infrastructure to old and new banks as they look to offer their customers services via the cloud, moving away from the mainframe, legacy banking tech (in the case of old school banks) or offering cloud-based services from the get-go in the case of challenger banks and fintech startups. Thought Machine is one of the UK's leading fintech companies and is undergoing a period of rapid expansion.
Source: https://techcrunch.com/2021/11/29/thought-machine-series-c-unicorn/