Thought Machine doubles valuation to $2.7bn

Cloud-native banking technology developer Thought Machine has reached a $2.7bn valuation after the close of its Series D on $160m.

The round was led by Singapore-based Temasek, with contributions also coming from Intesa Sanpaolo and Morgan Stanley. Existing Thought Machine backers Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group and SEB, also backed the Series C.

Thought Machine previously raised $200m for its Series C in November 2021. While the valuation was not revealed at the time, it claims the new valuation is a 100% increase.

With the round closed, the company is eying global expansion initiatives, building on its strong performance in New York, Singapore and Australia. It is looking to boost its presence in Asia Pacific, particularly in Vietnam, Thailand, Indonesia and Philippines.

The FinTech company recently opened an office in Sydney and opening a new office in Miami to service Latin America.

Capital will also be used to invest into its technology and extend the capabilities of its core banking platform.

Thought Machine was founded 2014 by former google engineer Paul Taylor. It offers modern, cloud-native cloud banking technology to help companies digitise operations.

Intesa Sanpaolo managing director and CEO Carlo Messina said, “We are investing c.£40m into Thought Machine, a fintech innovator and partner we consider strategic to the industrial upgrade of Intesa Sanpaolo.

“Their cloud-based technology is fundamental to our transformation from incumbent to digital challenger, improving our core banking technology and providing the foundation for our new digital bank, Isybank.”

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