Thought Machine adds $42mn funding

Core banking technology firm Thought Machine has raised an additional $42mn Series B funding.

In Brief:

• The round now stands at $125mn.

• It will close in early August.

• The extension included British Patient Capital, Eurazeo Growth and SEB.

What does this mean?

Thought Machine, part of FinTech Alliance, helps banks overhaul their core systems using cloud-based technology with its system Vault. The company is hiring new staff and will look to expand its product compatibility.

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