Thought Machine raises $200M in Series C funding
London-based Thought Machine recently raised $200 million in Series C funding led by Nyca Partners. The round also saw participation from the investment arms of some of Thought Machine’s global tier one banking clients – ING Ventures, JPMorgan Chase, and Standard Chartered Ventures, along with existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.
Thought Machine CEO and founder Paul Taylor stated, “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. We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”
Founded in 2014, the company provides modern, cloud native core banking technology to banks across the world.
Commenting on the investment Nyca Partners managing partner Hans Morris said, “Thought Machine is the leading technology among the new generation of cloud native core platforms, and as a result it has become the top choice for tier one banks looking to upgrade their core architecture. These institutions tell us that Thought Machine’s engineering approach is unrivalled; Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks. Investing in Thought Machine is an investment in the future of banking and we are very energized to be working with them as they build a new standard for core banking technology.”
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