Thought Machine has raised $200 million to help banks move into the cloud age, according to a statement. Thought Machine plans to use the extra cash to expand globally, especially in Asia, with its eyes on Malaysia and Japan.
Founded in 2014 by former Google employee Paul Taylor, Thought Machine operates as an infrastructure-as-a-service for banking, helping legacy players take the leap into cloud-native core banking.
It’s a mission that has convinced certain banking giants, with institutional investors including ING Ventures, JP Morgan Chase and Lloyds Banking Group helping the startup hit unicorn status. At the same time, its investors also happen to be some of the company’s biggest clients.
“The deployment of Thought Machine is tied to our digital banking strategy, as we have adopted Thought Machine as the core banking software for our digital banks in Singapore and Hong Kong,” says Alex Manson, head of SC Ventures.
It’s not alone in the cloud banking space, however. 10x, also backed by JP Morgan, was chosen by the multinational to build out its banking platform, Chase UK. Berlin’s Mambu also raised a $135 million fund led by TCV to assist banks moving into the cloud.