Series B round at Thought Machine hits £97m
Posted on July 28, 2020 by Jonathan Symcox
New investors in banking tech firm Thought Machine have taken its Series B round to £97m.
Eurazeo Growth led the latest £36m injection into the cloud–native core banking technology platform, with British Patient Capital and SEB also coming in as new investors.
It takes the round’s total value to £97m following funding announced in March and led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine has built Vault, a modern cloud native core system for banks constrained by legacy technology.
Over the last months, the company has scaled up international hiring, adding 100 employees in the first two quarters of 2020 across three regions. It has also expanded product compatibility to all major cloud providers.
Its public client list includes SEB, Lloyds Banking Group, Atom bank and Standard Chartered Bank.
With this new round of financing, Thought Machine will continue to invest in growing its business internationally – also hiring key roles in APAC, US and Australia, while continuing to develop new products and features, including its upcoming advanced payments solution.
“The prospect of transitioning to cloud native technology is now at the forefront of every major bank’s roadmap,” said CEO and founder Paul Taylor.
“Plans have been hastened in the wake of regulatory pressure, economic uncertainty and the need to manage cost-income ratios.”
Zoé Fabian, Managing Director at Eurazeo Growth, added: “Eurazeo Growth partners with category leaders that have significant market potential in a fast-changing world driven by digitalisation.
“Our investment in Thought Machine demonstrates our belief in the technology Paul and the team have been building and the importance of cloud native technology for the finance industry.”