Thought Machine, a London, UK-based cloud native core banking technology firm, raised an additional $42m in funding for its series B funding round.
This round extension, which will close in early August, is led by Eurazeo Growth, with participation from British Patient Capital and SEB. This brings the round’s total value to $125m following $83m secured in March led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.
The company intends to use the funds to invest in growing its business at international scale – hiring key roles in APAC, US and Australia – while continuing to develop new products and features, including its upcoming advanced payments solution.
Led by Paul Taylor, CEO and Founder, Thought Machine has built Vault, a modern cloud native core system for banks constrained by legacy technology. Its API-driven solution enables banks to innovate and offer customized products and personalised customer experiences. Over the last months, the company has scaled up international hiring, adding 100 employees in the first two quarters of 2020 across three regions. Thought Machine has also expanded product compatibility to all major cloud providers and will be making major client announcements in the coming months. The company, which has opened its second largest office in Singapore, serves SEB, Lloyds Banking Group, Atom bank and Standard Chartered Bank as clients.