Thought Machine Enters APAC Market with Cloud Core Banking Solution After Raising US$ 42M

via Fintechnews Singapore

Thought Machine, the cloud-native core banking technology firm, marks its entrance into the Asia Pacific market by announcing the signing of an additional US$42 million in funding for its Series B round.

This round extension will close in early August and is led by Eurazeo Growth, with British Patient Capital and SEB also coming in as new investors.

This brings the round’s total value to US$125 million following US$83 million secured in March led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.

Thought Machine’s Singapore-based Managing Director APAC, Nick Wilde said,

“We help banks across APAC to move away from outdated legacy platforms, and the associated complexities and costs. With Vault, incumbent banks can implement core banking on their own terms and configure retail banking products easily and quickly, leveraging cloud native technologies.”

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine has built Vault, that aims to enable traditional banks constrained by legacy technology to transform and adopt modern, cloud native systems.

Over the last months, the company has scaled up international hiring, adding 100 employees in the first two quarters of 2020 across three regions. Thought Machine has also expanded product compatibility to all major cloud providers and will be making major client announcements which will include European fintech companies in the coming months.

With this new round of financing, Thought Machine will continue to invest in growing its business at international scale – hiring key roles in APAC, US and Australia – while continuing to develop new products and features, including its upcoming advanced payments solution.