LONDAN, 18 May 2022 – The machine of thoughts, a cloud banking technology company, today announced the closing of the D-Series financing round, led by Temasek, a global investment company headquartered in Singapore, with Intesa Sanpaolo and Morgan Stanley. Existing investors following in this round include: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group and SEB.
Thought Machine is currently valued at $ 2.7 billion, which is 100% more than the company’s estimate for the completion of Round C. This round of funding is closely following Round C of Thought Machine, which ended in late 2021. demonstrating the company’s accelerated growth trajectory and unwavering interest from global investors.
Funds from this investment round will continue the company’s global expansion plans – building on the success of Thought Machine’s strong performance in New York, Singapore and Australia. Thought Machine has outlined plans for further expansion in the Asia-Pacific region, growing in markets such as Vietnam, Thailand, Indonesia and the Philippines. Thought Machine recently opened a new office in Sydney to expand its operations in Australia, and is opening a new office in Miami to serve Latin America. The company will also use the proceeds from financing to continue investing in its technology – empowering its core banking platform and innovating in new product lines.
Lloyds Banking Group, the first investor in Thought Machine and a participant in this round, has extended its licensing agreement with the company until 2029. This extension is part of Lloyds Banking Group’s ongoing technology upgrade program.
Thought Machine continues to strengthen its management team through the appointment of former Chief Financial Officer of Bank of America and Finastra Arno Atamian as Chief Financial Officer and former Head of SAP and Box Sales Dana Borisana as Chief Revenue Officer.
Thought Machine Vault Core’s core banking platform is designed for the cloud – a unique position to support large banks undergoing major transformations as well as small banks and financial technologies launching new offerings. None of the major banking providers has signed as many Tier 1 banks as customers such as Intesa Sanpaolo, Lloyds Banking Group, ING, SEB and Standard Chartered, among others around the world.
Carlo Messina, Managing Director and CEO of Intesa Sanpaolo, said: “We are investing around £ 40 million in Thought Machine, an innovator in technology and a partner we consider strategic for the industrial modernization of Intesa Sanpaolo. Their cloud technology is fundamental to our transformation from an incumbent to a digital challenger, improving our core banking technology and creating the foundation for our new digital bank, Isybank ”.
Paul Taylor, founder and CEO of Thought Machine, said: “This new round of funding, which attracts Temasek, Morgan Stanley and Intesa Sanpaolo to the business, is our statement of intent: we intend to become a leader in core banking technology now deployed by the largest and most successful banks worldwide. We will use this new capital to accelerate our expansion plans, serve more customers around the world and continually improve the capabilities of our core banking platform and other products. ”