Thought Machine, the cloud native core banking technology firm, with its APAC headquarters in Singapore, marks its entrance into the Asia Pacific market by announcing the signing of an additional $42m in funding for its series B round. This round extension will close in early August and is led by Eurazeo Growth, with British Patient Capital and SEB also coming in as new investors.
This brings the round’s total value to $125m following $83m secured in March led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.
The cloud native core banking technology company, headquartered in London and with its second largest office in Singapore, has announced this round of funding will support the transformation of the APAC retail banking market with cloud native technology, solving bank reliance on legacy IT.
Thought Machine’s Singapore-based Managing Director APAC, Nick Wilde, said, “The emergence of digital and neo banks is changing the APAC banking industry rapidly. This creates an urgent need for traditional banks to adopt solutions that provide innovation, agility and scalability. We help banks across APAC to move away from outdated legacy platforms, and the associated complexities and costs. With Vault, incumbent banks can implement core banking on their own terms and configure retail banking products easily and quickly, leveraging cloud native technologies.”
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine has built Vault, a modern cloud native core system for banks constrained by legacy technology. It does not contain a single line of legacy or pre-cloud code, enabling traditional banks to transform and adopt modern, cloud native systems. Its scalable, secure, and flexible API-driven solution unlocks the banking industry’s ability to innovate and offer customised products and personalised customer experiences, while ensuring security, cost effectiveness and virtually zero downtime.