Overview of the transaction
Thought Machine, the company building the next generation of core banking platforms, raised $125 million in funding. The funding round was led by Draper Esprit and Eurazeo Growth, joined by Backed, British Patient Capital, IQ Capital, Lloyds Banking Group, Playfair Capital and SEB. Royal Park Partners advised Thought Machine on its series B round of €83m, in addition to a series B extension of $42m. This brings the series B funding round’s total value to $125 million. This investment will allow Thought Machine to continue investing in the growth of the business internationally, as well as launch new products and features such as its advanced payments solutions.
Overview of Thought Machine
Thought Machine is a cloud native core banking technology firm. It was founded in 2014 by Paul Taylor, a former Google engineer. Designed to enable banks to modernise their operations and move away from legacy IT platforms that hinder the industry.
The company now has over 350 people working across London and Singapore.
Lloyds Banking Group, Atom Bank and Standard Chartered Bank are all Thought Machine clients and users of its cloud native core banking platform, Vault.
Thought Machine’s product compatibility has also been expanded to accommodate all the big cloud providers.
Royal Park Partners' role
Royal Park Partners acted as exclusive financial and strategic advisor to Thought Machine and its board of directors.
The transaction highlights Royal Park Partners’ unrivalled expertise in the digital banking technology space, and history of assisting with the creation of meaningful returns for our Fintech clients and investors.
CEO and Founder of Thought Machine
”Royal Park Partners have worked seamlessly with our team since we engaged with them last year. They helped power us through our Series B funding round and subsequent funding round extension. We’ve been consistently impressed by Royal Park Partners' extensive knowledge of the fintech space, their connections within the global investor network and commitment to driving the deal to completion. We would highly recommend their services to fintech and banking technology companies looking for support in their corporate finance activities."
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