Thought Machine, a cloud-native financial tech startup based in the UK, has raised $160 million in a Series D funding round headed by Singapore’s Temasek Holdings. According to a release, the round increased the company’s worth to $2.7 billion, representing a 100 percent gain over the previous round, which occurred at the end of 2021.
New investors Intesa Sanpaolo and Morgan Stanley, as well as current investors Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB, participated in the newest round.
The new funding will be used to continue Thought Machine’s development objectives in Asia-Pacific markets such as Vietnam, Thailand, Indonesia, and the Philippines. It will also utilize the funds to further its technology, enhance its core banking platform, and develop new product lines.
It has teams in London, New York, Singapore, Sydney, and Melbourne right now. They have raised nearly $500 million in finance between them.
Thought Machine’s banking platform, Vault Fundamental, was built from the ground up for the cloud to serve large-scale institutions undergoing a core transformation as well as smaller banks and fintech businesses introducing new products. Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve, and other financial organizations have benefited from the platform.
Paul Taylor, the founder and CEO of Thought Machine, stated that his business aspires to be the global leader in core banking technology. According to the firm’s study, fundamental banking technology in Asia is on average 20 years old or older, indicating a big opportunity for current cloud-native technology to flourish.
