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
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 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 system.[20][21]
In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley.[22][23][24]
Operations
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]
