Thought Machine, a London-based enterprise that delves into financial technology, has raised USD 160 million in its Series D funding round. This round was led by Temasek, an investment company based in Singapore. One of the early investors in this round was Lloyds Banking Group. The Lloyds Banking Group has agreed to extend its license agreement with Thought Machine until 2029. In addition to inventors like Lloyds Banking Group and Temasek, this round also saw participation from companies like Morgan Stanley and Intesa Sanpaolo. Follow-up investments were also made by JG Morgan Chase, SEB, ING and Eurazeo.
The funding round was merely six months after the Series C funding, where Thought Machine had raised USD 200 million. Based on the investments carried out so far, the company is estimated to be valued at USD 2.7 billion. This is an excellent achievement for the enterprise.
The managing director and CEO, Carlo Messina of Intesa Sanpaolo, commented that they are investing 40 million euros in Thought Machine, as they consider it a strategic partner who will help Intesa Sanpaolo gain an industrial upgrade. They also added that Thought Machine’s cloud-based technology is crucial for Intesa Sanpaolo’s transformation in the digital space and will aid the company in improving their basic banking technology and provide a foundation for their new digital bank.
A statement released by Thought Machine stated that the company’s mission is to develop technology that can run the world’s banks by using the most outstanding designs and software techniques of the present era. Furthermore, they aim to permanently free the banks worldwide of outdated technology so that they do not have to face the difficulties they face today.
The funds secured in both the investment rounds will be devoted to the firm's international expansion. This includes making market entries in countries like Australia and Singapore and cities like New York. Additionally, the funds will also be used to increase the firm’s momentum in APAC markets in Vietnam, Indonesia, Thailand and the Philippines.
About Thought Machine
Thought Machine was founded in 2014 by Paul Taylor and is based in the United Kingdom. It is a Fintech company whose primary goal is to build cloud-native technology that can revolutionize the arena of core banking. In addition, the company provides IT infrastructure solutions. One of the firm’s products, named "Vault", uses a microservice API architecture platform and is cloud-based. Vault is a configurable retail banking platform.
About Temasek
Temasek is an investment company located in Singapore, and the main focus of the firm is to deliver and obtain sustainable returns over a long period. It was set up in 1974 and had over 13 offices internationally. As of March 31st, 2021, the company’s net portfolio value is estimated to be USD 283 billion. Some of the sectors covered in the company’s portfolio include telecommunications, consumer and real estate, transportation and industrials, media and technology, financial services, life sciences and agribusiness, and energy and resources. Their investment activities follow primarily four main themes- transforming economies, emerging champions, deepening comparative advantages and growing middle-income populations.
