UK based Thought Machine Finalizes $200M Series C Round at $1B+ Valuation

Cloud-native core banking solution provider, Thought Machine, has reportedly reached Unicorn status (valued at $1 billion+) following a $200 million Series C round that was joined by the investment divisions of some of its major banking clients, such as JPMorgan Chase, ING and Standard Chartered.

Nyca Partners has led Thought Machine’s latest investment round. The raise also included participation from existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital.

After the round, Thought Machine is reporting a valuation of more than $1 billion.

Established in 2014 by ex-Google engineer Paul Taylor, Thought Machine’s core banking engine Vault has secured strategic deals with the business organizations such as Lloyds, Standard Chartered, SEB, and Atom Bank. Recently, JPMorgan Chase selected the UK-headquartered platform to effectively replace its existing retail core banking system in the United States.

In October of this year, the vendor had relocated to a larger London head office location in order to support its headcount growth after hiring over 200 professionals since 2020.

The proceeds from the round will be directed towards developing and expanding Vault and the Universal Product Engine, which enables greater flexibility in product development and configuration. The firm also intends to further expand its global presence, solidifying its five international offices and targeting new markets/jurisdictions.

Taylor remarked:

“We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”

Hans Morris, Managing Partner, Nyca Partners, said:

“Thought Machine is the leading technology among the new generation of cloud native core platforms, and as a result it has become the top choice for tier one banks looking to upgrade their core architecture. These institutions tell us that Thought Machine’s engineering approach is unrivalled; Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks.”

As covered (earlier this year), Thought Machine, a company that builds Cloud-native technology for banks, had integrated Wise‘s (formerly doing business as TransferWise) global money transfer platform into its core banking engine, Vault.

The integration should allow Thought Machine‘s banking and Fintech clients the option to use Wise’s fast and affordable global transfers service more quickly and in a more efficient manner. The companies have developed an integration layer that, they explained, lowers the developer effort required for financial institutions to link up with Wise’s API (developer effort reduced as much as 60%).


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