Thought Machine has raised another $42 million, an add-on round to its Series B announced in March, taking their total for the round to $125 million; Thought Machine creates cloud-native banking technology specifically designed for banks constrained by legacy tech; the company has scaled up international hiring in the past six months, adding 100 new people across three regions; CEO Paul Taylor, said, “The prospect of transitioning to cloud native technology is now at the forefront of every major bank’s roadmap. Plans have been hastened in the wake of regulatory pressure, economic uncertainty and the need to manage cost-income ratios. Our flagship core banking product, Vault, brings the best in agility, resilience and security and is being used by major banks and fintech companies around the world.” Tech.eu
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.