Cloud migration fintech Thought Machine adds ING, J.P. Morgan, Standard Chartered for $200mn funding round

Thought Machine announced it’s raised $200m in Series C funding, with new investors JPMorgan Chase Strategic Investments, Standard Chartered Ventures and ING Ventures join cap table and client list.

Nyca Partners led the Series C round raising, which brought the fintech’s valuation to more than $1 billion. Lloyds Banking Group, which led Thought Machine’s Series A round, is also participating in this funding round and continues to invest in the business to maintain its shareholding.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides cloud native core banking technology, and many of its investors are also clients, including Lloyds Banking Group, Standard Chartered, SEB and others.

Thought Machine will be using the funding to continue developing and expanding Vault, its underpinning core banking system. The company will expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.

Paul Taylor, Chief Executive Officer and Founder, Thought Machine, said in a statement: “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 in a statement: “Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks.”

Alex Manson, head of SC Ventures, Standard Chartered, said in a statement: “The deployment of Thought Machine is tied to our digital banking strategy, as we have adopted Thought Machine as the core banking software for our digital banks in Singapore and Hong Kong.”


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