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.
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.
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.