Thought Machine closes USD 200 mln Series C

The new funding will be used to continue development and expansion of its flagship SaaS product Vault — a cloud-native platform which its B2B customers rely on to provide a range of retail banking services, from checking accounts, savings accounts, loans, and credit cards to mortgages.

The Series C is led by Nyca Partners, with other new investors including ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures. Lloyds Banking Group, which led Thought Machine’s Series A, has also participated in the latest raise. Other existing investors also returning for the Series C are British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.