Cloud banking software dev Thought Machine hits unicorn status after Series C

Thought Machine, a cloud native core banking technology platform, has scored $200m in its Series C funding round.

The FinTech company did not reveal what its valuation was, but it did state it had achieved unicorn status.

Nyca Partners, a San Francisco-based venture capital firm, served as the lead investor, with commitments also coming from ING Ventures, JPMorgan Chase and Standard Chartered Ventures. Existing Thought Machine backers Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed and IQ Capital, also joined the round.

Capital from the round will be used to develop Thought Machine’s Vault and Universal Product Engine, hire more staff, boost its international reach and target new key markets.

Founded in 2014 by former google engineer Paul Taylor, Thought Machine offers modern, cloud native core banking technology to help firms digitise their operations. Vault is its cloud-native platform, which is built around APIs so firms can easily integrate their solutions.

Its clients include Lloyds Banking Group, Standard Chartered, SEB and others.

Nyca Partners managing partner Hans Morris 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. Investing in Thought Machine is an investment in the future of banking and we are very energised to be working with them as they build a new standard for core banking technology.”

Earlier in the year, the company moved its London headquarters as a result of hiring over 200 employees since 2020.

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