FinTechInvestment

A £150 million funding round has made Thought Machine the UK’s latest unicorn.

The Series C round into the cloud-native core banking technology platform was led by Nyca Partners, with banking clients ING Ventures, JPMorgan Chase, and Standard Chartered Ventures also participating. 

Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Backed and IQ Capital also took part in the round.

Thought Machine was founded in 2014 by former Google engineer Paul Taylor and provides modern banking technology to some of the largest and most ambitious banks in the world. 

The announcement follows a period of accelerated growth as Thought Machine executes its internationalisation strategy and continues to deploy cloud native core banking technology into the world’s most ambitious banks and FinTechs. 

In October 2021, Thought Machine relocated to a larger London HQ to support its headcount growth after adding over 200 employees since 2020.

“We are delighted to have earned the support of our new and existing investors as we continue to move the world’s leading banks into the cloud,” said CEO Paul Taylor.

“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.

Vinoth Jayakumar, partner at Molten Ventures, said: “Thought Machine continues to prove its thesis of reimagining core banking systems from the ground up, designed with cloud native infrastructure all the way through. 

“Its next generation technology is now well on its way towards transforming Tier 1 banks around the world and we are excited to be doubling-down with Paul Taylor and the team.”