28 Jul 2020 09:09

SEB invests in fintech firm Thought Machine

Christoffer Malmer, head of SEBx

SEB is investing in London-based fintech company Thought Machine, the provider of a cloud-native core banking platform, as it raises an additional 42 million US dollars in financing from three investors for its series B round.

The additional financing, which was led by Eurazeo Growth alongside British Patient Capital and SEB, brings Thought Machine’s series B round’s total value to 125 million dollars. The company, of which SEB is already a customer, will use the funding to continue to grow its business at international scale while continuing to develop new products and features.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine has built Vault, a cloud native core banking platform developed to enable banks to deploy modern systems and move away from legacy IT platforms. SEB’s investment follows a period of testing and implementation of Thought Machine’s platform into SEBx – SEB’s strategic initiative focused on exploring new technologies and future customer offerings.

“We have been working with Thought Machine as part of SEBx’s technology exploration for some time now, building financial products and services in completely new ways”, says Christoffer Malmer, head of SEBx. “Thought Machine brings a fresh perspective to a traditional industry and our investment is a natural next step as we deepen and broaden the relationship. We are excited to join Thought Machine on this journey, thus far as a partner and now also as an investor, bringing together the strengths of SEB with promising new technologies.”