Industry | cloud banking |
---|---|
Founded | 2014 |
Founder | Paul Taylor |
Headquarters | London |
Website | https://www.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. [1] [2] [3]
Thought Machine was founded in 2014 by Paul Taylor. [4] [5] [6] In 2018, Thought Machine formed a partnership with Lloyds Banking Group which also participated in Thought Machine's $25 million Series A funding round. [7]
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. [8]
In August 2020, Thought Machine joined Banking Industry Architecture Network (BIAN), a non-profit network that provides a common framework for banking. [9] That same year the company raised $125m in a Series B funding round from Molten Ventures, Eurazeo, British Business Bank, SEB, and existing investors. [10] [11] Also in 2020, Andy Maguire, former HSBC Group COO, joined Thought Machine as Chair. [12] [13]
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. [14] [15] [16]
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. [17] [18] [19] In February, Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking technology. [20] [21]
In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley. [22] [23] [24]
Thought Machine has offices in London, New York, Singapore, Sydney, and Melbourne. [25] [26] 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. [27] [28] [29] [30]
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