Thought Machine Secures $42 Million for Global Expansion
Thought Machine, a cutting-edge firm based in London, UK, has recently announced a significant boost in funding, amounting to an additional $42 million in its extended Series B funding round. This latest round of investment, which is set to close in early August, is spearheaded by Eurazeo Growth, with further contributions from British Patient Capital and SEB. With this additional financing, the total amount raised in the Series B round now reaches an impressive $125 million, complementing the $83 million secured in March, which featured participation from notable investors such as Draper Esprit, Lloyds Banking Group, IQ Capital, Backed, and Playfair Capital.
The funds derived from this latest financing effort will be strategically utilized to expand Thought Machine's operations on an international scale.
The company plans to focus on hiring top talent across key markets, particularly in the Asia-Pacific region, the United States, and Australia. Additionally, Thought Machine aims to continue refining its product offerings, including the upcoming advanced payments solution that promises to enhance its service portfolio. Under the leadership of Paul Taylor, the CEO and Founder, Thought Machine has developed Vault, an innovative cloud-native core system designed to liberate banks from the constraints of outdated legacy systems. This API-driven solution empowers banks to push the boundaries of innovation, offering tailored products and personalized customer experiences.
In recent months, Thought Machine has placed significant emphasis on scaling its international workforce, successfully onboarding 100 new employees within the first two quarters of 2020 across three distinct regions. The company has also made strides in broadening its product compatibility, ensuring its solutions are accessible via all the major cloud providers. Moreover, Thought Machine is anticipating several major client announcements in the near future, which will further solidify its standing in the market. Notably, the firm has recently established its second largest office in Singapore and counts prominent institutions such as SEB, Lloyds Banking Group, Atom Bank, and Standard Chartered Bank among its esteemed clientele. As it continues to grow, Thought Machine is poised to make a remarkable impact on the financial technology landscape.
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