Thought Machine, the cloud native banking technology company, today announces it has closed its series D funding round, led by Temasek, the global investment company headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing investors following-on in this round include: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
Thought Machine is now valued at $2.7bn – a 100% increase from the company’s valuation at the close of its series C round. This funding round closely follows Thought Machine’s series C round, which was completed at the end of 2021, demonstrating the company’s accelerated growth trajectory and continued interest from global investors.
Funds from this investment round will continue the company’s global expansion plans – building on the success of Thought Machine’s strong performance in New York, Singapore and Australia. Thought Machine is planning to expand its operations in Asia Pacific. This includes expanding into markets like Vietnam, Thailand and Indonesia. Thought Machine recently opened a Sydney office to expand its operations in Australia and will soon open a Miami office to serve Latin America. The company 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.
Lloyds Banking Group was an early investor in Thought Machine, and participated in this round. It has now extended its license agreement with the company until 2029. This extension is part of Lloyds Banking Group’s continuing technology modernisation programme.
Thought Machine continues to build its executive team by appointing Arnaud Atamian (ex-Bank of America and Finastra finance leaders) as Chief Financial Officer and Dana Barisano (ex-SAP and Box sales leader) as Chief Revenue Office.
Thought Machine’s core banking platform Vault Core is developed natively for the cloud – uniquely positioned to support large-scale banks undertaking core transformation, as well as smaller banks and fintechs launching new propositions to the market. There is no other core banking vendor that has signed more Tier 1 banks than Intesa Sanpaolo and Lloyds Banking Group.
Carlo Messina, Intesa Sanpaolo’s managing director and chief executive officer, stated: “We are investing c.£40m into Thought Machine, a fintech innovator and partner we consider strategic to the industrial upgrade of Intesa Sanpaolo. Their cloud-based technology is fundamental to our transformation from incumbent to digital challenger, improving our core banking technology and providing the foundation for our new digital bank, Isybank.”
Paul Taylor, Thought Machine founder and CEO said: “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. 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.”