Cloud banking technology provider Thought Machine has secured another $42 million in funding, boosting its Series B round to a total of $125 million after picking up an $83 million investment this spring. The new infusion of capital was led by Eurazeo Growth and featured participation from new investors British Patient Capital and SEB.
The investment will help the company to continue its international expansion – including the addition of new hires in the APAC region, the U.S., and in Australia. The company also plans to use the funding to fuel development of new products and functionalities, including a new payments solution.
“The prospect of transitioning to cloud native technology is now at the forefront of every major bank’s roadmap,” ThoughtMachine CEO Paul Taylor said. “Plans have been hastened in the wake of regulatory pressure, economic uncertainty, and the need to manage cost-income ratios.”
Thought Machine’s signature offering, Vault, is a modern, cloud-native core banking system designed for financial institutions burdened with legacy technology. Demonstrated at the company’s Finovate debut at FinovateEurope in 2018, Vault provides a secure, fast, and reliable end-to-end banking system that manages users, accounts, savings, loans, mortgages, smart contracts, and other financial products and services. By leveraging APIs and a microservice architecture, Vault is able to provide financial institutions with all the functionality necessary for bank operations. Currently geared toward retail and small business banking, the company plans to add both commercial banking and private wealth services “in the future.”
Named to the Tech Nation Future Fifty in March, and joining the Mastercard Start Path Programme in May, Thought Machine announced in June that its Vault platform was compatible with all major cloud infrastructure providers including Google Cloud Platform, Amazon Web Services, Microsoft Azure, and IBM Cloud. Founded in 2014 and headquartered in London, Thought Machine includes Atom Bank and Lloyds Banking Group among its partners.