Thought Machine dreams big with $ 160 million in a round led by Temasek

Based in London Thought machine has raised $ 160 million in a series of D-Series funding led by Themes. Through its large-minded software solutions, the startup helps banks and financial institutions move from legacy IT systems. Based on successful market entry in New York, Singapore and Australia, the new capital will be used to maintain momentum, using the markets of APAC Vietnam, Thailand, Indonesia and the Philippines. Thought Machine is now valued at $ 2.7 billion, a 100% increase in just six months.

Founded in 2014 by a former Google engineer Paul TaylorThought Machine provides state-of-the-art cloud-based core banking technology to some of the world’s largest financial institutions, including investors and customers, Intesa Sanpaolo, Lloyds Banking Group, ING, SEB and Standard Chartered.

An early investor and participant in this round, Lloyds Banking Group has announced that it will extend its licensing agreement with the startup until 2029.

Joining the lead of Temasek, in the circle participated by Intesa Sanpaolo and Morgan Stanleyas well as subsequent investments by existing investors, including Eurasio, ING, JPMorgan Chase, Lloyds Banking Groupand SEB.

“We are investing around £ 40 million in Thought Machine, a fintech technology innovator and partner that we consider strategic for the industrial upgrade of Intesa Sanpaolo. Their cloud-based technology is essential to our transformation from an existing digital competitor, improving our core banking technology and providing the foundation for our new digital bank, Isybank, ”commented Intesa Sanpaolo’s Managing Director and CEO Carlo Messina.

Leading image: Paul Weeks