Molten Ventures plc is pleased to announce our participation in the US$200 million Series C round in core banking technology firm Thought Machine. The newest round brings Thought Machine to unicorn status.
The company continues at pace after a period of accelerated growth on its mission continue to deploy cloud native core banking technology into the world’s most ambitious banks and fintechs. In October 2021, Thought Machine relocated to a larger London HQ to support its headcount growth after adding over 200 employees since 2020.
Thought Machine plans to use the new injection of capital to continue developing and expanding Vault, its cloud native core banking platform, along with its Universal Product Engine, which allows for unparalleled flexibility in product development and configuration. The company also looks to expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.
This round was led by Nyca Partners, with banking clients ING Ventures, JPMorgan Chase, and Standard Chartered Ventures also participating. Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Backed, and IQ Capital also took part in the round.
Vinoth Jayakumar, Partner, Molten Ventures said:
“Thought Machine continues to prove its thesis of reimagining core banking systems from the ground up, designed with cloud native infrastructure all the way through. Its next generation technology is now well on its way towards transforming Tier 1 banks around the world and we are excited to be doubling-down with Paul Taylor and the team.”
Paul Taylor, Chief Executive Officer and Founder, Thought Machine:
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.