Total amount raised
$562.8 Millions
Latest funding date
5/1/2022
Location
Thought Machine has successfully raised significant funding through multiple rounds, with notable investors including Eurazeo and ING Ventures. The company specializes in cloud-native core banking and payments technology, trusted by leading financial institutions like JPMorgan Chase and Lloyds Banking Group.
Keep reading to explore the intricacies of Thought Machine's fundraising journey and the investors backing this innovative platform.
What Is Thought Machine?
Founded in 2014, Thought Machine is a fintech company based in London, England. The company was established by Andrew Tarver and Paul Taylor.
Thought Machine specializes in developing cloud-native core banking and payments technology. Their flagship product, Vault, is designed to help banks modernize their IT infrastructure and offer innovative financial services.
With a team of 501-1000 employees, Thought Machine continues to grow and expand its global presence, providing cutting-edge solutions to leading financial institutions worldwide.
How Much Funding Has Thought Machine Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- 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 core banking platform.
- Series A
- Amount Raised: £18M
- Date: November 2018
- Lead Investors: Lloyds Banking Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their flagship product, Vault, and expand their market reach.
- Series B
- Amount Raised: $125M
- Date: July 2020
- Lead Investors: Eurazeo, Molten Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their cloud-native banking technology.
- Series C
- Amount Raised: $200M
- Date: November 2021
- Lead Investors: Nyca Partners
- Valuation at Round: Approximately $1.35 billion
- Motivation Behind the Round: To support the company's growth trajectory and attract continued interest from global investors.
- Corporate Round
- Amount Raised: £40M
- Date: February 2022
- Lead Investors: Intesa Sanpaolo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnerships and expand their technological capabilities.
- Series D
- Amount Raised: $160M
- Date: May 2022
- Lead Investors: Temasek Holdings
- Valuation at Round: $2.7 billion
- Motivation Behind the Round: To support global expansion, particularly in Asia Pacific and Latin America, and to continue investing in their core banking platform.
Total Amount Raised: $485M
Current Valuation: $2.7 billion
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.
- Notable Investments: Alibaba, Airbnb, Ant Financial.
- Intesa Sanpaolo
- Details: Intesa Sanpaolo is an Italian banking group that focuses on retail banking, corporate banking, and wealth management. It is one of the largest banking groups in Italy.
- Investment Focus Areas: Banking, financial services, fintech.
- Notable Investments: Various fintech and banking technology companies.
- Nyca Partners
- Details: Nyca Partners is a venture capital and advisory firm focused on fintech. It is based in New York City.
- Investment Focus Areas: Fintech, financial services, technology.
- Notable Investments: Acorns, Affirm, Betterment.
- Eurazeo
- Details: Eurazeo is a leading global investment company headquartered in Paris, France. It manages assets across private equity, private debt, and real assets.
- Investment Focus Areas: Private equity, venture capital, private debt.
- Notable Investments: Farfetch, Doctolib, Glovo.
- Molten Ventures
- Details: Molten Ventures, formerly known as Draper Esprit, is a venture capital firm that invests in high-growth technology companies. It is based in London, England.
- Investment Focus Areas: Technology companies across various stages.
- Notable Investments: Trustpilot, UiPath, Revolut.
What's Next for Thought Machine?
Thought Machine is poised to capitalize on significant opportunities, particularly in expanding its cloud-native banking technology into new markets like Vietnam, Thailand, and Indonesia. The company is also targeting business and corporate banking sectors, as well as the mortgage market, which could substantially increase its market presence and revenue streams.
Given its recent successful funding rounds, Thought Machine is well-positioned for future fundraising opportunities. The company's rapid growth and strategic partnerships with major financial institutions suggest that it will continue to attract substantial investment. However, challenges such as competition from other fintech companies, regulatory hurdles, and integration issues in new markets could pose obstacles along the way.
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