Thought Machine is not yet profitable, mainly because it is in growth mode, said Taylor.

It’s a little odd to think that there is an active market for banking services that are not built and owned by the banks themselves.

Better banking services (which may not have been built “in-house”) are key to growing these other three.

And those are the same forces, in fact, that led to consumers being able to run our banking services from smartphone apps, and for us to want and expect more personalised services overall.

“We are delighted to be partnering with Thought Machine in this phase of their growth,” said Vinoth Jayakumar, Investment Director, Draper Esprit, in a statement. | To read full story, visit https://startuparound.com/read/1583128808.1105037/Thought-Machine-nabs-$83M-for-a-cloud-based-platform-that-powers-banking-services-–-TechCrunch?ref=audio_experience