UK-based core banking tech provider Thought Machine has announced expansion plans in Asia Pacific to support the transformation of the APAC retail banking market with cloud native technology.
July 28, 2020 | Thought Machine- Thought Machine targets international expansion, product development and APAC market with fresh injection of capital
- Round closed with additional $42m in series B funding from Eurazeo Growth, British Patient Capital and SEB
- Thought Machine has also expanded product compatibility to all major cloud providers and will be making major client announcements in the coming months
Thought Machine, the cloud native core banking technology firm, with its Asia Pacific (APAC) headquarters in Singapore, today marks its entrance into the APAC market by announcing the signing of an additional $42 million in funding for its series B round. This round extension will close in early August and is led by Eurazeo Growth, with British Patient Capital and SEB also coming in as new investors.
This brings the round’s total value to $125 million following $83 million secured in March led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital.
The cloud native core banking technology company, headquartered in London and with its second largest office in Singapore, has announced this round of funding will support the transformation of the APAC retail banking market with cloud native technology, solving bank reliance on legacy IT.
Thought Machine’s Singapore-based managing director APAC, Nick Wilde, said: “The emergence of digital and neo banks is changing the APAC banking industry rapidly. This creates an urgent need for traditional banks to ado...
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