Creative Studio Cauldron spins out from Thought Machine with backing from Draper Esprit and Backed
Cauldron, the creative studio acclaimed for pushing the boundaries of consumer banking experiences, and Thought Machine, the core banking technology firm, today celebrate Cauldron establishing itself as an independent creative studio as it pivots to focus fully on Gaming Beyond Entertainment within the finance industry and beyond.
Cauldron, formerly known as Thought Machine Labs, spent its first seven years imagining and delivering banking experiences tied to the core banking engine, Vault. Harnessing the unity gaming platform, Cauldron pushed the boundaries of consumer banking, revealing beautiful gamified money apps and devices, such as Vault Rare, Nestlings, Nestlums and Saviour.
Mark Warrick, previously Thought Machine’s Chief Design Officer, is announced as CEO and founder of Cauldron along with appointed co-founders Fox Rogers and Matt Hyde who take on roles as Creative Director and Product & Games Director.
Thought Machine investors Draper Esprit, Backed, Playfair Capital and IQ Capital have decided to take equity in Cauldron — as they continue to spearhead a new approach to banking customer experiences as well as launch new gamified products for the finance industry and beyond.
Nestlums, Cauldron’s debut finance app for kids has been lauded by Apple for its novel approach to financial education. The app has been featured by Apple in its ‘App of the Day’ listings, highlighted in Apple’s ‘Apps We Love’ segment, and praised by Creative Review for its fresh approach to financial literacy.
Mark Warrick, CEO of Cauldron, says:
“Spinning out from Thought Machine at this hugely pivotal time is a testament to the success Cauldron has had over the years. I am humbled by our history within Thought Machine that has allowed us to mutate into a world class creative team that can focus on gaming. I am equally humbled to know that over the years ahead I will be designing, arguing and laughing with the creative forces who are Cauldron’s talented co-founders, Fox Rogers and Matt Hyde.”
Andre de Haes, Managing Partner at Backed VC says:
“We are delighted for Backed to take equity in Cauldron as it spins out of Thought Machine, led by Mark Warrick, an incredibly talented leader and creative. We are extremely excited to support Cauldron as it scales, leaning on our long-standing experience in gaming, with exits in Hutch Games and Gumbug Games.”
Vinoth Jayakumar, partner, Draper Esprit commented:
“As was true with the thesis behind our backing of Thought Machine, we continue to believe that the opportunity to create a new, differentiated experience in financial services represents a new paradigm of thinking in fintech. Cauldron continues to innovate and develop a category-leading proposition.”
Paul Taylor, CEO at Thought Machine says:
“I could not be more thrilled to see Cauldron continue on its mission and build customer experiences that truly change the way customers manage their money. Since its inception, the studio has continued to challenge the banking industry in its own right and has had far-reaching success. We look forward to having Cauldron resident in our new Bloomsbury HQ and we are delighted that Mark Warrick has taken on an informal role as Culture Advisor at Thought Machine.”