Thought Machine, a London, UK-based cloud native core banking technology company, closed $200m Series C funding round.
This round, which saw the company achieve unicorn status, was led by Nyca Partners, with participation from ING Ventures, JPMorgan Chase, and Standard Chartered Ventures, Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.
The company intends to use the funds to continue developing and expanding Vault and its Universal Product Engine, expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.
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. Vault’s architecture has been designed to run any type of bank. Through its system of Smart Contracts, it can be configured to run any type of retail bank product, no matter what the complexity. This includes all the key products of a retail bank, such as current accounts, savings, loans, credit cards, and mortgages.