Cloud banking firm Thought Machine hits $1bn valuation

London-based cloud banking infrastructure provider Thought Machine has raised $200 million in a Series C funding round at a valuation of over $1 billion.

Thought Machine was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.

Its flagship product is called “Vault”, a solution aimed at banks constrained by existing legacy technology, deployed in containers via Kubernetes orchestration.

The news comes after JP Morgan Chase, the retail banking unit of the US banking giant, announced it was set to transfer its core banking system to a cloud-native solution from Thought Machine in September.

The round was led by Nyca Partners, while existing investors JPMorgan Chase Strategic Investments, Standard Chartered Ventures, and ING Ventures also joined the round.

Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital also participated in the round.

Thought Machine said it will use the funding to continue developing and expanding its Vault and Universal Product Engine products.

The company also said it will use the funding to expand its international reach, strengthening its five global offices and targeting new markets.

Thought Machine said it has added more than 200 employees since 2020 and that it relocated to a larger London HQ to support its headcount growth in October 2021.

“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,” said Paul Taylor, chief executive officer and founder at Thought Machine. “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.”

He added: “These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.