UK cloud-native banking startup plans expansion in APAC, N. America after $83mn raise

Thought Machine has raised $83 million to push forward on deploying modern cloud-native systems and invest in its core engineering capability, as well as expand into Asia Pacific. Among its current clients are Standard Chartered, SEB and Atom Bank. All of Thought Machine’s existing investors (Lloyds Banking Group, IQ Capital, Backed and Playfair Capital) have participated in the round, with IQ Capital contributing £15 million ($19.2mn) from their new scale-up fund.

Founded in 2014 by former Google engineer, Paul Taylor, the firm has built banking entirely in the cloud for scalability, resilience and security. Last year, it opened in Singapore for sales and marketing, as well as professional services function to oversee the delivery of successful deployments of Vault into banks in the region. Thought Machine also plans to launch in Australia and Japan. Later in 2020, North America is on the list.

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