U.K.-based, cloud native, core banking technology provider Thought Machine has just secured Series B funding that will help the U.K.-based company expand into the Asia-Pacific. The $83 million raised this week, courtesy of a round featuring all of the company’s existing investors, takes the firm’s total capital to more than $106 million.
Valued at $143 million at the time of its Series A round in 2014, Thought Machine is currently believed to be worth between $220 million and $320 million.
Thought Machine founder and CEO Paul Taylor said that the funding had arrived at a “pivotal stage” in the company’s development, citing both “healthy” revenues and “huge” customer demand. “As well as international expansion we will put further investment into our core technology,” Taylor said, “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.”
An alum of European fintech conference, the company demonstrated its core banking solution, Vault, at FinovateEurope 2018 . With this technology, Thought Machine enables both incumbent and challenger banks to operate and compete with a cloud-based offering of their own. Vault offers institutions checking and savings accounts, well as credit cards, loans, and mortgage financing.
Last fall Thought Machine announced a partnership with Standard Chartered’s new digital bank in Hong Kong, and unveiled a new collaboration with Swedish financial group, SEB. Both deals will feature deployment of Thought Machine’s Vault platform.
After expansion to Australia and Japan, Thought Machine plans to go live in the United States later this year.