Thought Machine now a cloud banking unicorn thanks to JP Morgan, Standard Chartered and ING

By Oliver Smith on Monday 29 November 2021

Digital Banking

The $200m raise puts Thought Machine’s price tag well over the $1bn mark.

Thought Machine now a cloud banking unicorn thanks to JP Morgan, Standard Chartered and ING
Image source: Paul Taylor/Thought Machine.

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.”

The funding comes just days after Thought Machine was named B2B Fintech Of The Year 2021 last Thursday evening at the 8th annual AltFi Awards at the Andaz Hotel in central London.

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.

“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.”

Other existing investors in Thought Machine’s Series C include Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.

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Companies in this Article:

Thought Machine
Molten Ventures
ING