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Thought Machine joins unicorn club

Thought Machine joins unicorn club

Cloud-native core banking provider Thought Machine has hit unicorn status thanks to a $200 million Series C funding round joined by the investment arms of some of its top bank clients, including JPMorgan Chase, ING and Standard Chartered.

Nyca Partners led the round, which was also joined by existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital. Thought Machine is now valued at over $1 billion.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine's core banking engine Vault has won deals with the likes of Lloyds, Standard Chartered, SEB and Atom Bank. Recently JPMorgan Chase picked the UK-based outfit to replace its current retail core banking system in the US.

In October, the vendor relocated to a larger London headquarters to support its headcount growth after adding more than 200 employees since 2020.

The latest funding will be used for developing and expanding Vault and the Universal Product Engine, which allows for flexibility in product development and configuration. The company also wants to expand its international reach, strengthening its five global offices and targeting new key markets.

Says Taylor: "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."

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