Thought Machine Earns Unicorn Badge with US$200 Million Series C Fundraise
by Fintechnews Switzerland November 29, 2021Thought Machine, a London-based cloud-based core banking technology firm, has now achieved a unicorn valuation following the closing of its US$200 million Series C funding round.
The round takes the total funding raised by Thought Machine to over US$340 million.
The Series C was led by US-based VC firm Nyca Partners. The investment arms of ING Ventures, JPMorgan Chase, and Standard Chartered Ventures, who are Thought Machine’s banking clients, also participated.
Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital joined the round as well.
The funding will be used to develop and expand the company’s cloud native core banking platform Vault.
Thought Machine is also looking to develop its Universal Product Engine, and expand its global reach by strengthening its five global offices while looking at new markets.
The company said in a statement that the fundraise comes after a “period of accelerated growth”.
Thought Machine currently has offices in London, New York, Singapore, Sydney, and Melbourne.
Paul Taylor
“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.
These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services,”
Paul Taylor, Founder and CEO of Thought Machine, said.
Featured image: Thought Machine
