Series D+18 May 2022

Thought Machine secures £128.9m Series D funding led by Temasek to scale operations internationally.

Temasek led the Series D round, which values the cloud banking technology firm at $2.7bn.

£129MSeries D+

Thought Machine builds cloud native core banking technology platforms designed to support financial institutions undertaking digital transformations. Its products serve both major international tier-one banks and smaller fintech firms.

Thought Machine has secured £128.9m in a Series D funding round led by Singapore-headquartered investor Temasek, alongside participants Intesa Sanpaolo and Morgan Stanley. The round also drew follow-on investments from existing backers including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB, lifting the company valuation to $2.7bn.

The fresh capital will support the business as it pursues international expansion across the Asia-Pacific region and Latin America, following the launch of new offices in Sydney and Miami. In addition to geographical growth, the proceeds will fund ongoing research and development to expand the capabilities of the core banking platform and introduce new product lines.

The raise follows a period of accelerated commercial progress for the firm, which recently extended its partnership with Lloyds Banking Group and added seasoned finance and sales executives to its senior leadership team.

From the founder

"This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world. We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products."

Paul Taylor

Founder at Thought Machine