Paul Taylor/Thought Machine.
Thought Machine now a cloud banking unicorn thanks to JP Morgan, Standard Chartered and ING
The $200m raise puts Thought Machine’s price tag well over the $1bn mark.
A swathe of new investors have joined Thought Machine’s cap table today, with a $200m Series C funding round that pushes the cloud banking provider’s valuation to more than $1bn.
Led by New York VC firm Nyca Partners, other new investors included investment banks Standard Chartered, ING and JP Morgan Chase (which recently partnered with Thought Machine to replace its entire US retail banking core system).
With its new funding Thought Machine says it plans to invest the cash in developing and expanding its Vault core banking system and to target new markets for global expansion.
“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,” said Thought Machine’s CEO and founder Paul Taylor.
“These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”
As well as JP Morgan, Thought Machine has scored a host of new clients this year, including Wise and TransferGo, with ING also saying today that it will be harnessing Thought Machine’s cloud core banking platform.
“Digital Banking is one of our high-conviction themes, as we strongly believe finance should be a seamless experience embedded in our customers’ lifestyles,” said Standard Chartered’s head of SC ventures Alex Manson.