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Thought Machine

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Thought Machine
IndustryFinancial technology
Founded2014; 11 years ago (2014)
FounderPaul Taylor
HeadquartersLondon, United Kingdom
ProductsCloud banking software
Websitewww.thoughtmachine.net

Thought Machine is a London-based cloud banking technology company that was founded in 2014 by Paul Taylor. It operates in the United Kingdom, Singapore, the United States, and Australia.

History

Thought Machine was founded in 2014 by Paul Taylor. In 2018, Thought Machine formed a partnership with Lloyds Banking Group which also participated in Thought Machine's $25 million Series A funding round.

In 2019 the company launched its Asia Pacific office in Singapore. Nordic financial group SEB launched UNQUO, a bank designed for entrepreneurs, on Thought Machine’s Vault Core.

In August 2020, Thought Machine joined Banking Industry Architecture Network (BIAN), a non-profit network that provides a common framework for banking. That same year the company raised $125m in a Series B funding round from Molten Ventures, Eurazeo, British Business Bank, SEB, and existing investors. Also in 2020, Andy Maguire, former HSBC Group COO, joined Thought Machine as Chair.

In 2021, Thought Machine closed a $200m Series C funding round, raising the company's valuation to $1bn. After that JPMorgan Chase and ING Poland became its new clients, with JPMorgan planning to use Thought Machine's technology for its retail bank.

In 2022, it announced several clients, including Kiwibank (New Zealand) and Italy's largest bank: Intesa Sanpaolo. Temasek, Intesa Sanpaolo, and Morgan Stanley invested in Thought Machine's $160m series D funding round, doubling the company's valuation to $2.7bn. In February, Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking system.

In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley.

Operations

Thought Machine has offices in London, New York, Singapore, Sydney, and Melbourne. The company develops two products: Vault Core, a cloud-native technology for creating financial products using smart contracts with real-time data access; and Vault Payments, a platform enabling processing of all types of global payments. Some of Thought Machine's clients are JPMorgan, Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, M1, and Arvest Bank.

References

  1. Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-13.
  2. "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  3. Lomas, Natasha (2021-11-29). "Thought Machine gets $200M and becomes a unicorn". TechCrunch. Retrieved 2023-07-13.
  4. "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  5. "Thought Machine: Google-inspired banking fintech to unicorn and beyond | Computer Weekly". ComputerWeekly.com. Retrieved 2023-07-13.
  6. "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  7. Megaw, Nicholas (2018-11-07). "Lloyds invests in fintech Thought Machine". Financial Times. Retrieved 2023-07-13.
  8. "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  9. Mehta, Zubin (2020-08-11). "Thought Machines joins BIAN network to strengthen banking foundations". Retail Banker International. Retrieved 2023-07-13.
  10. "SEB invests in fintech firm Thought Machine". sebgroup.com. 2020-07-28. Retrieved 2023-07-13.
  11. Novac, Dragos. "Thought Machine completes a $83 million funding round led by Draper Esprit". Nordic 9. Retrieved 2023-07-13.
  12. "Andy Maguire - Chair at Thought Machine". THE ORG. Retrieved 2023-07-13.
  13. Sukhraj, Penny. "Former HSBC operations chief Andy Maguire named board chair at Napier". www.fnlondon.com. Retrieved 2023-07-13.
  14. "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  15. "Molten Ventures participates in $200m Series C in portfolio company Thought Machine". Molten. 2021-11-29. Retrieved 2023-07-13.
  16. Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-13.
  17. "Thought Machine to increase global headcount by more than 20% in next phase of growth plans". ffnews.com. Retrieved 2023-07-13.
  18. Tocquin, Mado (2022-05-18). "Thought Machine raises $160m in series D funding round - doubling valuation to $2.7bn and accelerating plans to bring world's banks onto cloud technology". IQ Capital. Retrieved 2023-07-13.
  19. "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  20. Mishra, Shivam (2022-02-28). "Vietnam's HD Bank taps Thought Machine to upgrade banking platform". Retail Banker International. Retrieved 2023-07-13.
  21. "HDBank, Thought Machine deal to strengthen digitisation in Việt Nam banking sector". vietnamnews.vn. Retrieved 2023-07-13.
  22. "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine's technology". ffnews.com. Retrieved 2023-07-25.
  23. Penn, David (2023-03-08). "Digital Banking Platform HMBradley Inks Deal with Thought Machine". Finovate. Retrieved 2023-07-25.
  24. "HMBradley Partners with Thought Machine to Usher in the Future of Banking". ffnews.com. Retrieved 2023-07-25.
  25. "Visa Partner | Thought Machine". partner.visa.com. Retrieved 2023-07-25.
  26. Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-25.
  27. "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine's technology". ffnews.com. Retrieved 2023-07-13.
  28. "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  29. Mishra, Shivam (2022-02-28). "Vietnam's HD Bank taps Thought Machine to upgrade banking platform". Retail Banker International. Retrieved 2023-07-13.
  30. "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
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