Thought Machine

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Thought Machine
Industrycloud banking
Founded2014
FounderPaul Taylor
Headquarters
London
Websitehttps://www.thoughtmachine.net/

Thought Machine is a London-based cloud banking technology company that was founded in 2014 by Paul Taylor. It operates in the United Kingdom, Singapore, the United States, and Australia.[1][2][3]

History[edit]

Thought Machine was founded in 2014 by Paul Taylor.[4][5][6] In 2018, Thought Machine formed a partnership with Lloyds Banking Group which also participated in Thought Machine's $25 million Series A funding round.[7]

In 2019 the company launched its Asia Pacific office in Singapore. Nordic financial group SEB launched UNQUO, a bank designed for entrepreneurs, on Thought Machine’s Vault Core.[8]

In August 2020, Thought Machine joined Banking Industry Architecture Network (BIAN), a non-profit network that provides a common framework for banking.[9] That same year the company raised $125m in a Series B funding round from Molten Ventures, Eurazeo, British Business Bank, SEB, and existing investors.[10][11] Also in 2020, Andy Maguire, former HSBC Group COO, joined Thought Machine as Chair.[12][13]

In 2021, Thought Machine closed a $200m Series C funding round, raising the company's valuation to $1bn. After that JPMorgan Chase and ING Poland became its new clients, with JPMorgan planning to use Thought Machine's technology for its retail bank.[14][15][16]

In 2022, it announced several clients, including Kiwibank (New Zealand) and Italy's largest bank: Intesa Sanpaolo. Temasek, Intesa Sanpaolo, and Morgan Stanley invested in Thought Machine's $160m series D funding round, doubling the company's valuation to $2.7bn.[17][18][19] In February, Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking technology.[20][21]

In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley.[22][23][24]

Operations[edit]

Thought Machine has offices in London, New York, Singapore, Sydney, and Melbourne.[25][26] The company develops two products: Vault Core, a cloud-native technology for creating financial products using smart contracts with real-time data access; and Vault Payments, a platform enabling processing of all types of global payments. Some of Thought Machine's clients are JPMorgan, Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, M1, and Arvest Bank.[27][28][29][30]

References[edit]

  1. ^ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-13.
  2. ^ "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  3. ^ Lomas, Natasha (2021-11-29). "Thought Machine gets $200M and becomes a unicorn". TechCrunch. Retrieved 2023-07-13.
  4. ^ "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  5. ^ "Thought Machine: Google-inspired banking fintech to unicorn and beyond | Computer Weekly". ComputerWeekly.com. Retrieved 2023-07-13.
  6. ^ "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  7. ^ Megaw, Nicholas (2018-11-07). "Lloyds invests in fintech Thought Machine". Financial Times. Retrieved 2023-07-13.
  8. ^ "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  9. ^ Mehta, Zubin (2020-08-11). "Thought Machines joins BIAN network to strengthen banking foundations". Retail Banker International. Retrieved 2023-07-13.
  10. ^ "SEB invests in fintech firm Thought Machine". sebgroup.com. 2020-07-28. Retrieved 2023-07-13.
  11. ^ Novac, Dragos. "Thought Machine completes a $83 million funding round led by Draper Esprit". Nordic 9. Retrieved 2023-07-13.
  12. ^ "Andy Maguire - Chair at Thought Machine". THE ORG. Retrieved 2023-07-13.
  13. ^ Sukhraj, Penny. "Former HSBC operations chief Andy Maguire named board chair at Napier". www.fnlondon.com. Retrieved 2023-07-13.
  14. ^ "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
  15. ^ "Molten Ventures participates in $200m Series C in portfolio company Thought Machine". Molten. 2021-11-29. Retrieved 2023-07-13.
  16. ^ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-13.
  17. ^ "Thought Machine to increase global headcount by more than 20% in next phase of growth plans". ffnews.com. Retrieved 2023-07-13.
  18. ^ Tocquin, Mado (2022-05-18). "Thought Machine raises $160m in series D funding round - doubling valuation to $2.7bn and accelerating plans to bring world's banks onto cloud technology". IQ Capital. Retrieved 2023-07-13.
  19. ^ "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  20. ^ Mishra, Shivam (2022-02-28). "Vietnam's HD Bank taps Thought Machine to upgrade banking platform". Retail Banker International. Retrieved 2023-07-13.
  21. ^ "HDBank, Thought Machine deal to strengthen digitisation in Việt Nam banking sector". vietnamnews.vn. Retrieved 2023-07-13.
  22. ^ "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine's technology". ffnews.com. Retrieved 2023-07-25.
  23. ^ Penn, David (2023-03-08). "Digital Banking Platform HMBradley Inks Deal with Thought Machine". Finovate. Retrieved 2023-07-25.
  24. ^ "HMBradley Partners with Thought Machine to Usher in the Future of Banking". ffnews.com. Retrieved 2023-07-25.
  25. ^ "Visa Partner | Thought Machine". partner.visa.com. Retrieved 2023-07-25.
  26. ^ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment". CNBC. Retrieved 2023-07-25.
  27. ^ "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine's technology". ffnews.com. Retrieved 2023-07-13.
  28. ^ "Thought Machine dreams big with $160 million in Temasek-led round". Tech.eu. 2022-05-19. Retrieved 2023-07-13.
  29. ^ Mishra, Shivam (2022-02-28). "Vietnam's HD Bank taps Thought Machine to upgrade banking platform". Retail Banker International. Retrieved 2023-07-13.
  30. ^ "Recognizing the biggest hurdle in banking innovation - KPMG Global". KPMG. 2022-02-08. Retrieved 2023-07-13.
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