UK-based cloud banking software provider Thought Machine increased its series B round to $125m today after adding $42m in an extension backed by financial services group SEB.
Eurazeo Growth led the extension, which also featured British Patient Capital. The tranche is expected to close in early August.
Thought Machine received an initial $83m in series B funding in March 2020 from banking group Lloyds, Backed, Playfair Capital, IQ Capital and lead investor Draper Esprit.
Founded in 2014, Thought Machine has built a cloud-based software platform, Vault, that allows banks to offer modern-day products without being constrained by legacy technology. Lloyds and SEB are both among the company’s clients.
The additional series B financing was announced at the same time as Thought Machine launched its offering in the Asia Pacific (Apac) region. It will use the money to hire staff in Apac, the US and Australia, and to drive product development.
Lloyds previously led Thought Machine’s $23.5m series A round in late 2018, investing together with existing backers IQ Capital, Backed and Playfair Capital.
Thought Machine confirmed in its latest announcement that IQ Capital led a seed round of undisclosed size in 2016.
