The funding is being led by Draper Esprit, a leading venture capital firm investing in and developing high growth digital technology businesses, with participation from existing investors Lloyds Banking Group, IQ Capital, Backed and Playfair.
The funding will strengthen Thought Machine’s mission to transform banking by deploying modern cloud-native systems and continue investment in its core engineering capability. The funding will also be used to drive Thought Machine’s global expansion into Asia Pacific and North America.
Commenting on the transaction, Angus Miln, Partner and Head of the Corporate Technology team, said: “Thought Machine has built a next generation, cloud native technology that is set to revolutionise core banking. It was a pleasure to work with Paul and his team on another transaction, cementing our long-standing relationship and helping their ground-breaking business to achieve another milestone on their mission to transform an entire industry."
Paul Taylor, Chief Executive Officer and Founder of Thought Machine, added: “For the past six years, our purpose has been to offer banks a next-generation solution to liberate them from legacy systems which plague the financial services industry. Angus and his team have been with us for every step of this journey. This funding round comes at a pivotal stage in the company’s growth. The Taylor Wessing team was integral to its execution of this and brought with them the passion, dedication and supreme legal expertise for which they are renowned in the market."
The Taylor Wessing team was led by Angus Miln with support from corporate associate Ellie Picton, and corporate paralegal Jessica Nobes.
Further advice was provided by tax partner Ann Casey.