Thought Machine Secures $83m in Series B Funding

Thought Machine, a London, UK-based cloud native core banking technology company, raised $83m in Series B funding.

The round was led by Draper Esprit with participation from existing investors Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.

The company intends to use the funds to continue investment in its core engineering capability and to expand into Asia Pacific.

Founded in 2014 by entrepreneur and former Google engineer Paul Taylor, Thought Machine has built Vault, a cloud built core banking solution, which is enabling established and challenger banks to compete and deliver high levels of scalability, resilience and security.

The company, which serves Lloyds Banking Group, Standard Chartered, SEB and Atom Bank, among other clients, las year announced a major expansion in Asia Pacific with the opening of Thought Machine Singapore, which covers sales and marketing, and a dedicated professional services function to oversee the delivery of deployments of Vault into banks in the region.

The company plans to launch in Australia and Japan and in North America later in 2020.

Thought Machine currently has a team of more than 300.



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