Thought Machine continues international, APAC expansion with series B funding round

KUALA LUMPUR, July 28 -- Thought Machine, the cloud native core banking technology firm, with APAC headquarters in Singapore, has entered the Asia Pacific market by announcing the signing of an additional US$42 million in funding for series B round. (US$1 = RM4.245)

According to a statement, 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 US$125 million following US$83 million secured in March led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.

The company, headquartered in London and with its second largest office in Singapore, has announced this round of funding would support the transformation of the APAC retail banking market with cloud native technology, solving bank reliance on legacy IT.

Over the last months, the company has scaled up international hiring, adding 100 employees in the first two quarters of 2020 across three regions. It also expanded product compatibility to all major cloud providers and will make major client announcements in the coming months.

With this new round of financing, Thought Machine will continue to invest in growing its business at international scale – hiring key roles in APAC, US and Australia - while continuing to develop new products and features, including its upcoming advanced payments solution.

Thought Machine publicly names SEB, Lloyds Banking Group, Atom bank and Standard Chartered Bank as clients. Over the coming months, it will be naming several new leading European fintech companies as clients.

-- BERNAMA