Thought Machine Secures $160M in Series D Funding; Valued at $2.7 Billion

Thought Machine, LondonThe UK-based cloud native technology company for banking, XL, has raised $160M in Series DFunding and is now valued at $2.7bn.

TheRound was led by TemasekParticipation from Intesa Sanpaolo Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.

LedBy CEO Paul Taylor, Thought MachineDeveloped a cloud native core bank engine. Vault Core, which is used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atombank, and Curve. ItsCore Banking Platform Vault Core is developed natively for the cloud – positioned to support large-scale banks undertaking core transformation, as well as smaller banks and fintechs launching new propositions to the market. NoOther core banking vendors have signed as much Tier1 banks as customers such as Intesa Sanpaolo, Lloyds Banking GroupING, SEB and Standard Chartered, among other places around the world.

Thought MachineA team of over 500 people is currently spread across offices in London, New York, Singapore, Sydney, Melbourne.

The company intends to use the funds to continue the expansion plans – building on its performance in New York, Singapore Australia. Thought MachinePlans for further expansion have been drawn up in Asia PacificGrowing inMarkets such as Vietnam, Thailand, Indonesia Philippines. TheA new office has been opened by a company in SydneyTo expand its operations in Australia, and is opening a brand new office in MiamiService Latin America. Thought MachineProceeds from the funding will also be used for investing in the future in its technology – expanding the capabilities of its core banking platform and innovating in new product lines.

FinSMEs

19/05/2022

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