Thought Machine doubles its valuation to USD 2.7 bln

Thursday 19 May 2022 14:35 CET | News

UK-based fintech Thought Machine has doubled its valuation to USD 2.7 billion as the cloud banking company pulls in institutional investors like Morgan Stanley and looks to expand its international presence.

The USD 160 million funding round was led by Singaporean investor Temasek alongside Italian bank Intesa Sanpaolo and US bank Morgan Stanley. Existing investors including JP Morgan, Lloyds Banking Group, and Swedish financial group SEB.

Thought Machine, launched in 2014, provides cloud-based banking infrastructure ‘Vault’ to more than 35 banks globally, allowing them to scale up servers and processing power as needed.

Currently much of banks’ core banking infrastructure remains on their premises in mainframe computers, he said. Thought Machine can replace this with cloud servers, which reduces the need for expensive physical infrastructure. It is also easier to scale up by bringing in additional processing power from cloud data centres.

The Series D round comes just months after it reached unicorn status following a USD 200 million round led by Nyca Partners in November 2021.

In addition to expanding in markets including Vietnam, Thailand, and Indonesia, Thought Machine was looking to target business and corporate banking as well as mortgages.

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Keywords: cloud, banks, funding, fintech, expansion
Categories: Banking & Fintech
Countries: United Kingdom
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Banking & Fintech

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