The world of consumer banking has seen an enormous move in the last ten years. Gone are the days where one could open an account, take out a loan, or discuss altering the terms of the banking only by visiting a physical department.
Now, a user can do all this and more with a few quick clicks on the phone display — a move that has sped up with customers anticipating and demanding even faster and more responsive banking solutions.
As a mark of that move, a startup named Thought Machine, which has developed cloud-based platform that fuels this new generation of services on behalf of old as well as new financial institution is announcing some vital investment— $83 million — a Series B that the startup plans to employ to continue investing in its platform and growing its customer base.
So far, Thought Machine’s customers are in Europe and Asia — they include large, legacy outfits like Standard Chartered, Lloyds Banking Group, and Sweden’s SEB via to “challenger” (AKA neo-) banks like Atom Bank.
The funding is being headed by Draper Esprit, with participation also from existing investors Lloyds Banking Group, IQ Capital, Backed, and Playfair.
Thought Machine is not yet profitable, mainly because it’s in growth mode, stated Taylor.