UK FinTech Thought Machine doubles valuation to $2.7bn

UK cloud banking FinTech Thought Machine has closed its series D funding round with a valuation of $2.7 billion.

The company is now worth 100 per cent more than it was in its previous funding round, which completed at the end of last year.

The round was led by Singapore-headquartered investment company Temasek, with participation from Morgan Stanley and Intesa Sanpaolo. Other investors included ING, JPMorgan Chase, Lloyds Banking Group, Eurazeo, and SEB.

The British firm says that the money will be spent on continuing its global expansion plans, building on what it describes as the success of its “strong performance” in New York, Singapore, and Australia.

The FinTech has plans for further expansion in Asia Pacific, expanding to Vietnam, Thailand, Indonesia, and the Philippines.

“This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world,” said Paul Taylor, founder and chief executive, Thought Machine. “We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products.”

Thought Machine will also use the funding to further invest in technology both across its existing core banking platform and new product lines.

Lloyds Bank, which was an early investor in the business, has extended its licence agreement with the business until 2029 as part of its tech modernisation programme.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.