Core banking provider Thought Machine has banked $83 million in Series B funding, in a round led by Draper Espirt with continuing participation from existing investors Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.
Founded in 2014 by former Google engineer, Paul Taylor, Thought Machine's core banking engine Vault exists entirely in the cloud. The company currently counts Lloyds Banking Group, Standard Chartered, SEB and Atom Bank as clients.
The new funding will be used to support system development and drive the company's plans for expansion into Australia and Japan, followed by a move into the US market.
Says Taylor: “Thought Machine’s revenues are very healthy, as we see cloud native banking become the most common desired target architecture for the world’s banks. The customer demand is huge, and this investment allows us to grow rapidly enough to serve all our target markets. As well as international expansion, we will put further investment into our core technology.”