Thought Machine is on a journey to bring in a new area of modern digital cloud-based banking.
An emerging fintech based out of Britain, Thought Machine, is acquiring new heights in its pursuit of accelerating cloud-native core technology adoption in the banking world. In its recent Series C funding round, Thought Machine raised $200 million giving it a total valuation of $1 billion thus making it a unicorn. The investment round was led by Nyca Partners but witnessed participation from existing investors like Lloyds Banking Group, SEB and Eurazeo as well as new ones like JPMorgan Chase, ING and Standard Chartered.
Thought Machine: Current Picture and Future Goals after Its latest Funding
Recently, the firm was named B2B Fintech Of The Year 2021 by AltFi at their 8th annual Awards in London. This proves Thought Machine’s enabling role in making banks adopt sophisticated technology while being cost-effective. The fintech has plans of expansion and with these new funds, it will further spread out its operations in Asian markets like Japan and Malaysia in addition to consolidating its presence through offices in New York City. As per the release published on its website, the cash injection will also be put into the development and expansion of Vault and its Universal product Engine.
The firm’s founder and CEO Paul Taylor expressed his enthusiasm post the funding saying, “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”.
With banks facing growing competition from digital disruptors like Revolut and Chime, banks are looking towards expanding their digital portfolios through a number of products and services. Some of the biggest financial companies like JPMorgan and Credit Suisse have already joined the journey towards digital transformation. For example, JPMorgan launched the digital version of its investment banking and financial services company Chase. Similarly, CSX is the new banking app that was released in Switzerland by Credit Suisse. But not all of them end up successful and therefore an enabler like Thought Machine is integral in this new era of banking and financial services.
A brainchild of former Google engineer Paul Taylor, the firm was set up in 2014 with the vision to get banks free of legacy infrastructure so that all banking can be done on the cloud. Through its software product Vault, the firm aims to help banks in their transformation from being legacy IT infrastructure dependent to being digital banks working on modern cloud-based platforms. Legacy applications pose numerous problems from being expensive and complicated to requiring a large workforce for proper functioning. Thought Machine’s Vault gives the banks today an option to do away with these complexities through its next-gen cloud-native, core banking engine.
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