thought machine, a 2014 (Xoogler) founded startup that sells cloud-based b2b banking services, has closed a $200 million Series C round and announced That it has achieved unicorn status (aka, passing a valuation of $1BN).
The new funding follows last year’s $83M Series B round – when it described its market cap as “growing healthy”.
Series C is led by New York- and San Francisco-based Nykaa Partners, which includes new investors including ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures — the investment arm of some of its global banking clients.
Lloyd’s Banking Group, which pioneered Series A of Thought Machines, has also participated in the latest growth.
Other current investors returning for Series C are British Patient Capital, Eurazio, SEB, Molten Ventures (formerly Draper Esprit), Backed and IQ Capital.
Thought Machine describes itself as a “cloud native core banking technology” firm – and is selling cloud-based banking infrastructure to banks old and new as they seek to provide services to their customers through cloud, mainframe, Moving away from legacy banking technology. in the case of old school banks) or offering cloud-based services in the case of challenging banks and fintech startups.
The startup’s Series C follows a period of accelerated growth, with Thought Machine noting it has added 200+ employees since 2020 and is moving to a larger London headquarters to accommodate its expanding headcount.
The new funding will be used to continue the development and expansion of its flagship SaaS product Vault – a cloud-native platform on which it can run a range of retail banking services from b2b customer accounts, savings accounts, checking loans and credit cards. Count on to provide the series. Mortgage
Vault is built around APIs, using a microservices architecture and a system of smart contracts – hosted on the cloud service of the customer’s choice (such as Google Cloud Platform, Microsoft Azure, Amazon Web Services and IBM Cloud Supported). are) – with touted benefits including maintaining legacy technology versus increased flexible and more scalable infrastructure, as well as lower running costs.
Commenting on the funding, Paul Taylor, CEO and Founder of Thought Machine, said in a statement: “We are delighted to have the support of our new and existing investors as we continue to move the world’s leading banks to the cloud. Set to ditch legacy technology and ensure that all banks deployed on Vault can succeed and fulfill their ambitions. These new funds will accelerate Vault’s delivery to banks around the world, who are engaged in their own business of financial services. Want to implement the vision of the future.”
In another supporting statement, Nykaa Partners’ Managing Partner, Hans Morris, said: “Thought Machine is the leading technology among the new generation of cloud native core platforms, and has consequently become the top choice for Tier One banks looking to upgrade. Want. Their core architecture. These institutions tell us that Thought Machine’s engineering approach is unmatched; Vault is highly configurable, flexible, scalable and specially designed for the needs of complex environments and Tier One banks. Thought Machine Investing in is an investment in the future of banking and we are very excited to be working with them as they create a new standard for core banking technology.