Based out of London, Thought Machine is a fintech company that builds cloud-native technology to revolutionize core banking. Founded in 2014 by Paul Taylor, their mission is to cure one of the banking industry’s primary problems: its reliance on outdated IT infrastructure.
Raised €74.3M to drive global growth!
Recently the UK company has raised $83 million (approx €74.3 million) in series B funding. This round was supported by Thought Machine’s existing investors (Lloyds Banking Group, IQ Capital, Backed and Playfair Capital) who have participated in the round, with IQ Capital contributing £15m from their new scale-up fund.
Planning for global expansion!
Furthermore, the funding will be used to drive Thought Machine’s global expansion into the Asia Pacific. Also, the London-based fintech firm plans to launch in Australia and Japan. Later in 2020, Thought Machine will launch in North America.
Core banking solution based on cloud!
For the uninitiated, Thought Machine has built a core banking solution entirely in the cloud. This solution, Vault, is enabling established and challenger banks to compete in the cloud-native era and deliver the highest levels of scalability, resilience, and security. Thought Machine counts Lloyds Banking Group, Standard Chartered, SEB, and Atom Bank as clients.
Paul Taylor, Chief Executive Officer and Founder of Thought Machine, comments:
“For the past six years, our purpose has been to offer banks a next-generation solution to liberate them from legacy systems which plague the financial services industry. This funding round comes at a pivotal stage in the company’s growth. The customer demand is huge, and this investment allows us to grow rapidly enough to serve all our target markets. As well as international expansion, we will put further investment into our core technology, ensuring that banks will always have the best possible cloud-native platform, and allow them to keep up with technology breakthroughs in the future which bring agility, security, resilience, and good economics.”
Main image picture credits: Thought Machine
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