One of the stars of the UK fintech scene, Thought Machine, has cut its annual losses by a quarter to £63m in 2023 while new deals boosted revenues to £48m. Unicorn Thought Machine, valued at £2.2 billion in its last funding round in 2022, provides cloud-based banking services for the likes of Lloyds, Standard Chartered and JP Morgan.
The London-based fintech, founded in 2012 by tech entrepreneur Paul Taylor, reported that pre-tax losses were reduced from £84m in 2022 to £63m in 2023. Revenues were up from £42m to £48m, driven by new deals, figures for Though Machine Group Limited show.
Licencing revenues, revenues derived from its software sales, grew from £29m to £37m year-on-year. The fintech is thought to have snapped up several top-tier banks during the period. Thought Machine employed 552 staff, as of the end of 2023, the figures show.
In October last year, it was revealed Thought Machine had cut dozens of jobs in a cost-cutting move. It is understood that Thought Machine has targeted 2026 as the year when it will swing into the black. Thought Machine's long-term ambition is to IPO, but it has no immediate plans to list.
The financial figures also reveal that Thought Machine's highest-paid director- assumed to be Taylor- was paid £156,000 in 2023.
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