Thought Machine raises £45M as losses increase

Thought Machine, the UK cloud-based banking services provider, carried out a near-£45m funding round earlier this year, as its losses increased year-on year, according to new filings. The London-based fintech, which has counted Lloyds and Standard Chartered as clients, raised £44.8m in July this year, according to filings.

It raised the funding from existing investors and will be used to “finance the company’s growth and in particular continued investments in product development”. The fintech, headed up by tech entrepreneur Paul Taylor, did not respond to a request on its valuation following the round.

Thought Machine was valued at $2.7bn ( £2.2 billion) in a funding round in 2022 after a $160m round featuring Morgan Stanley. The Series D round was led by Singaporean investor Temasek, with Italian bank Intesa Sanpaolo and Lloyds TSB Group also providing capital.

In its financial results, Thought Machine, which has offices in London, New York, and Singapore, reported revenues of £47.6m in year-end 2024, compared to £47.8m the year previous. Losses increased to £69.3m, compared to £62.7m the year before. Headcount came in at 518, compared to 552 the previous year.