• Thought Machine, a core banking infrastructure provider, raised USD 200 million in Series C funding led by Nyca Partners with participation from ING Ventures, JPMorgan Chase, Standard Chartered Ventures, Lloyds Banking Group, British Patient Capital, and SEB. This round values the company at over USD 1 billion and brings its total funds raised to nearly USD 350 million.

• The funds will be used for product development, expanding its international reach, and recruitment.  

• The company noted that its workforce has expanded by more than 200 employees over the past year, bringing its total employee count to over 500. 

• Founded by former Google engineer Paul Taylor, Thought Machine is a British company offering cloud-native, API-based banking infrastructure platform “Vault” for incumbent banks to replace legacy tech and for digital and challenger banks to develop banking services. Users can leverage Vault to connect to existing systems within a bank, such as payments and credit decisioning, or to develop retail banking services, such as current and savings accounts, loans, mortgages, and credit cards, among others. 

<ul><li> Analyst QuickTake: Earlier this year, 10x Future Technologies, another British company that also offers banking infrastructure for legacy banks, raised a similar-sized USD 187 million in a Series C funding round , with JPMorgan Chase being a common investor in both rounds. However, unlike 10x, which aims to help legacy banks face the threats from digital and challenger banks, Thought Machine provides infrastructure for challengers to develop banking services as well.</ul>