Total amount raised
$620M
Latest funding date
2025-07-01
Location
Thought Machine has successfully raised funding over seven rounds, with the latest being a Venture - Series Unknown round. The company is backed by 17 investors, including notable names like Eurazeo and Lloyds Banking Group.
Keep reading to explore the intricacies of Thought Machine's fundraising journey and the investors backing this innovative fintech platform.
What Is Thought Machine?
Thought Machine is a fintech company based in London, England, specializing in cloud-native technology to revolutionize core banking. The company operates in multiple industries, including banking, enterprise software, financial services, fintech, and IT infrastructure.
Founded with a mission to modernize banking technology, Thought Machine has grown to employ between 501 and 1000 people. Their flagship products, Vault Core and Vault Payments, are trusted by leading banks globally for their flexibility and operational resilience.
How Much Funding Has Thought Machine Raised?
- Seed Round
- Amount Raised: GBP 4,500,000
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their cloud-native banking technology. Participating investors included IQ Capital, Backed VC, and Air Street Capital.
- Series A
- Amount Raised: USD 23,400,000
- Date: November 2018
- Lead Investors: Lloyds Banking Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their core banking platform and expand their market presence.
- Series B
- Amount Raised: USD 125,000,000 (raised in two tranches: $83M in March 2020 led by Molten Ventures, and $42M extension in July 2020 led by Eurazeo Growth)
- Date: July 2020
- Lead Investors: Molten Ventures (first tranche), Eurazeo (second tranche)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings, and drive international and APAC expansion. Other participants included British Patient Capital, SEB, Lloyds Banking Group, IQ Capital, Backed VC, and Playfair Capital.
- Series C
- Amount Raised: USD 200,000,000
- Date: November 2021
- Lead Investors: Nyca Partners
- Valuation at Round: USD 1,350,000,000
- Motivation Behind the Round: To achieve unicorn status and further scale the company's operations and technological capabilities. Other participants included JPMorgan Chase Strategic Investments, Standard Chartered Ventures, ING Ventures, Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed VC, and IQ Capital.
- Corporate Round
- Amount Raised: USD 54,000,000 (approximately GBP 40,000,000)
- Date: February 2022
- Lead Investors: Intesa Sanpaolo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Strategic investment by Intesa Sanpaolo in conjunction with selecting Vault Core to power their new digital banking platform, isybank.
- Series D
- Amount Raised: USD 160,000,000
- Date: May 2022
- Lead Investors: Temasek Holdings
- Valuation at Round: USD 2,700,000,000
- Motivation Behind the Round: To support global expansion, particularly in Asia Pacific and Latin America, and to continue investing in the core banking platform and new product lines. Other participants included Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
- Series E (Venture Round)
- Amount Raised: Approximately GBP 44,800,000 (approximately USD 57,600,000–61,800,000 based on exchange rates at time of closing)
- Date: July 2025
- Lead Investors: Not publicly disclosed; backed by existing investors (including Eurazeo and Lloyds Banking Group per Crunchbase)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finance the company's growth and continued investments in product development.
Total Amount Raised: At least USD 620,000,000 based on disclosed funding (excluding seed round GBP amount and applying approximate USD conversion). Last Known Valuation: USD 2,700,000,000 (as of Series D, May 2022).
Key Investors
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. It manages a net portfolio value of S$381 billion (US$283 billion) as of March 31, 2021.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, Airbnb, Ant Financial.
- Intesa Sanpaolo
- Details: Intesa Sanpaolo is an Italian banking group and one of the largest in Europe. It is known for its significant role in the European banking sector.
- Investment Focus Areas: Banking technology, digital transformation, financial services.
- Notable Investments: Various fintech and banking technology companies.
- Morgan Stanley
- Details: Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management, and investment management services. It is headquartered in New York City.
- Investment Focus Areas: Financial services, technology, investment banking, wealth management.
- Notable Investments: Facebook, Alibaba, various other tech and financial companies.
- Lloyds Banking Group
- Details: Lloyds Banking Group is a major British financial institution. It offers a wide range of banking and financial services primarily in the UK.
- Investment Focus Areas: Retail and commercial banking, insurance, wealth management.
- Notable Investments: Primarily focused on UK-based financial services and fintech.
- Nyca Partners
- Details: Nyca Partners is a venture capital firm specializing in fintech and financial services. It is based in New York City.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Acorns, Affirm, Digit.
What's Next for Thought Machine?
Thought Machine is poised for significant growth as it expands into new markets like Vietnam, Thailand, and Indonesia. The company's cloud-native banking platform, Vault Core, is set to revolutionize business and corporate banking sectors, as well as the mortgage industry. With a recent valuation of USD 2.7 billion, the opportunities are vast and promising.
Future fundraising seems likely, given the company's rapid growth and substantial market confidence. The recent USD 160 million Series D round indicates strong investor interest, which could pave the way for further investments. However, Thought Machine will need to navigate regulatory challenges and fierce competition from other fintech companies to maintain its momentum.
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