London-based Thought Machine has raised $160 million in a Series D funding round led by Temasek. Through its big thinking software solutions, the startup helps banks and financial institutions transition away from legacy IT systems. Building upon successful market entries in New York, Singapore, and Australia, the new capital will be used to carry the momentum, with APAC markets Vietnam, Thailand, Indonesia, and the Philippines on tap. Thought Machine is now valued at $2.7 billion, a figure up 100% in just six months.
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud-native core banking technology to some of the largest financial institutions around the world including investors and clients, Intesa Sanpaolo, Lloyds Banking Group, ING, SEB, and Standard Chartered.
An early investor and participant in this round, Lloyds Banking Group has announced that it will extend its license agreement with the startup through 2029.
Joining Temasek’s lead, the round saw participation from Intesa Sanpaolo and Morgan Stanley, as well as follow-on investments from existing investors including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
“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,” commented Intesa Sanpaolo managing director and CEO Carlo Messina.
Lead Image: Paul Weeks
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