Thought Machine, a London, UK-based cloud native banking technology company, raised $160M in Series D funding and is now valued at $2.7bn.
The round was led by Temasek, with participation from Intesa Sanpaolo and Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
Led by CEO Paul Taylor, Thought Machine has developed a cloud native core banking engine, Vault Core, which is used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, and Curve. Its core banking platform Vault Core is developed natively for the cloud – positioned to support large-scale banks undertaking core transformation, as well as smaller banks and fintechs launching new propositions to the market. No other core banking vendor has signed as many Tier 1 banks as clients such as Intesa Sanpaolo, Lloyds Banking Group, ING, SEB, and Standard Chartered, among others around the world.
Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne.
The company intends to use the funds to continue the expansion plans – building on its performance in New York, Singapore and Australia. Thought Machine has set out plans for further expansion in Asia Pacific, growing in markets such as Vietnam, Thailand, Indonesia and Philippines. The company has recently opened a new office in Sydney to expand its operations in Australia, and is opening a new office in Miami to service Latin America. Thought Machine will also use proceeds from the funding to continue investing in its technology – expanding the capabilities of its core banking platform and innovating in new product lines.