Thought Machine to hit unicorn status with £150m funding round

Core banking provider Thought Machine is set to complete a £150 million fundraising round this month, according to Sky News sources.

Thought Machine has its eyes on expansion in the US and Asia

The raise would propel the Lloyds-backed vendor into unicorn territory, and more than double the funds it’s raised since inception in 2014.

Sky News reports the firm reached an agreement with New York-based fund and existing investor Nyca Partners to lead the new round.

Thought Machine, which provides cloud-based core banking systems, has raised a total of £108 million across three funding rounds. It’s last, a Series B from July 2020, netted it £90 million.

The company’s flagship core system, Vault, has been deployed at Lloyds Bank, Standard Chartered, SEB and UK challenger Atom Bank.

Thought Machine has earmarked the majority of its prior funding towards an expansion into the cavernous US market, and a push into Asia.

The vendor picked up Amazon Web Services (AWS) veteran Brad Steele as its new country manager for the US in May this year.