Series C29 November 2021

Thought Machine raises £150m in Series C funding led by Nyca Partners to scale its cloud native banking platform.

Nyca Partners led the Series C round, which values the business at over $1bn and includes backing from several major global banks.

£150MSeries C

Thought Machine builds cloud native core banking technology platforms designed to support financial institutions undertaking digital transformations. Its products serve both major international tier-one banks and smaller fintech firms.

Thought Machine has secured £150m in Series C funding to support its ongoing global expansion and product development. Nyca Partners led the round, with participation from new strategic investors including JPMorgan Chase Strategic Investments, Standard Chartered Ventures, and ING Ventures. Existing backers such as Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital also contributed to the raise, which pushes the company valuation past the $1bn mark.

The capital will be directed towards furthering the development of the company core banking platform Vault and its Universal Product Engine. In addition, Thought Machine plans to use the funds to scale its international footprint across its existing offices and new target markets.

The investment follows a period of rapid scaling for the business, which relocated to a larger London headquarters earlier in the year following a significant expansion of its headcount.

From the founder

"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. 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. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services."

Paul Taylor

Founder at Thought Machine

Investor perspective

"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. These institutions tell us that Thought Machine’s engineering approach is unrivalled; Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks. 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."