Thought Machine Doubles Valuation to $2.7 Billion After Sequence D Funding Spherical

• Core banking knowledgeable Thought Machine raised $160 million in Sequence D funding.
• The funding was led by Temasek and noticed participation from Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
• Thought Machine’s valuation now totals $2.7 million, double the valuation it held final fall.

Core banking innovator Thought Machine landed $160 million in a Sequence D funding spherical which values the corporate at $2.7 billion. This quantity is 2 instances than the valuation the corporate obtained on the shut of its Sequence C spherical in November of final 12 months.

At this time’s funding was led by Temasek and noticed participation from Intesa Sanpaolo and Morgan Stanley, in addition to current traders Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. As a part of as we speak’s settlement, Lloyds Banking Group has prolonged its license settlement with Thought Machine till 2029.

“This new spherical of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the enterprise is our assertion of intent: we intend to turn into the chief in core banking expertise, and are being deployed by the most important, most profitable banks world wide,” stated Thought Machine Founder and CEO Paul Taylor.

Thought Machine already operates in New York, Singapore, and Australia, and can quickly be out there in Latin America. The corporate will use the funding to gasoline additional world enlargement into the Asia Pacific area, as nicely. Particularly, Thought Machine is scoping out Vietnam, Thailand, Indonesia, and the Philippines.

The corporate will even use a portion of as we speak’s funding to increase on the capabilities of its current core banking providing and discover new product traces. “We are going to use this new capital to speed up our enlargement plans, serve extra shoppers world wide, and repeatedly refine the capabilities of our core banking platform and different merchandise,” defined Taylor.

With 500 staff and $563 million in funding, U.Ok.-based Thought Machine has been working to rework the core banking house since 2014. Among the many firm’s shoppers are Lloyds Banking Group, Commonplace Chartered, Atom financial institution, Monese, SEB, and JP Morgan Chase.

Picture by EKATERINA BOLOVTSOVA