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Thought Machine Bags $83M to Steer Business Excellence
Thought Machine secures $83 million to revolutionise banking globally.
FREMONT, CA: The cloud-native core banking technology firm, Thought Machine, has raised $83 million in Series B funding. The funding round was led by European technology investor Draper Esprit, a pioneering venture capital firm investing in, and bringing high growth to digital technology businesses. The raised funds will bolster growth and banking transformation mission along with fuelling the company's global expansion into the Asia Pacific. The raised funds will strengthen Thought Machine's mission to revolutionise banking by implementing modern cloud-native systems and sustain investment in its core engineering capability.
Thought Machine's aim is to offer banks a next-generation solution to liberate them from legacy systems that plague the financial services industry. This investment will enable Thought Machine to grow rapidly enough to serve all the target markets. The company will put further investment into its core technology, ensuring that banks will always have the best possible cloud-native platform to keep up with technology breakthroughs in the future to bring agility, security, resilience, and sound economics. Draper Esprit is also thrilled to collaborate with Thought Machine in this phase of growth.
Thought Machine builds cloud-native technology to revolutionise core banking. The company aims to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. Thought Machine's purpose is to preserve one of the banking industry's principal problems: its reliance on outdated IT infrastructure. Thought Machine delivers a solution compelling enough to cause a tectonic shift in the banking industry. Thought Machine takes pride in having a high-level internal culture, where it works towards creating the best possible working environment.