- Core banking expert Thought Machine raised $160 million in Series D funding.
- The investment was led by Temasek and saw participation from Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
- Thought Machine’s valuation now totals $2.7 million, double the valuation it held last fall.
Core banking innovator Thought Machine landed $160 million in a Series D funding round which values the company at $2.7 billion. This number is two times than the valuation the company received at the close of its Series C round in November of last year.
Today’s investment was led by Temasek and saw participation from Intesa Sanpaolo and Morgan Stanley, as well as existing investors Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. As part of today’s agreement, Lloyds Banking Group has extended its license agreement with Thought Machine until 2029.
“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 Thought Machine Founder and CEO Paul Taylor.
Thought Machine already operates in New York, Singapore, and Australia, and will soon be available in Latin America. The company will use the funding to fuel further global expansion into the Asia Pacific region, as well. Specifically, Thought Machine is scoping out Vietnam, Thailand, Indonesia, and the Philippines.
The company will also use a portion of today’s investment to expand on the capabilities of its existing core banking offering and explore new product lines. “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,” explained Taylor.
With 500 employees and $563 million in funding, U.K.-based Thought Machine has been working to transform the core banking space since 2014. Among the company’s clients are Lloyds Banking Group, Standard Chartered, Atom bank, Monese, SEB, and JP Morgan Chase.
Photo by EKATERINA BOLOVTSOVA
