In Brief:
- Thought Machine was valued at over $1 billion after the round.
- The round was backed by JPMorgan Chase, Standard Chartered, and ING.
Thought Machine, a British fintech start-up, has raised $200 million in a new round of funding, raising its valuation above $1 billion.
The firm intends to use the extra funds to grow globally, particularly in Asia, with Malaysia and Japan in mind. British Patient Capital, Eurazeo, SEB, Molten Ventures (previously Draper Esprit), Backed, and IQ Capital are among the existing investors returning for the Series C.
Last year, the company raised $83 million in a Series B round, and its market valuation was described as healthily expanding.
Nyca Partners, based in New York and San Francisco, is leading the Series C, with ING Ventures, JPMorgan Chase Strategic Investments, and Standard Chartered Ventures – investment arms of some of its global tier one banking customers — joining as new investors.
Paul Taylor, CEO and founder of Thought Machine, stated in a statement about the funding: “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. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”
The current round was led by Lloyds Banking Group, which also led Thought Machine’s Series A.
Alex Manson, head of SC Ventures said, “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. Digital Banking is one of our high-conviction themes, as we strongly believe finance should be a seamless experience embedded in our customers’ lifestyles. This will continue to be a focus area for SC Ventures.”
Also, Hans Morris, managing partner of Nyca Partners, gave another supporting remark saying, “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. Investing in Thought Machine is an investment in the future of banking and we are very energized to be working with them as they build a new standard for core banking technology.”
Similarly earlier, the cryptocurrency fintech company Moonpay raised $555 million in its first round of venture capital funding and that valued the company at $3.4 billion.
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