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.

History

Thought Machine was founded in 2014 by Paul Taylor. In 2018, Thought Machine formed a partnership with

Lloyds Banking Group Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds B ...

which also participated in Thought Machine's $25 million Series A funding round. 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. In August 2020, Thought Machine joined Banking Industry Architecture Network (BIAN), a non-profit network that provides a common framework for banking. That same year the company raised $125m in a Series B funding round from Molten Ventures,

Eurazeo Eurazeo is a French private equity firm and investment group headquartered in Paris. It holds a diversified portfolio of €35 billion in assets under management, including €23 billion from third parties, invested in more than 600 companies. ...

British Business Bank British Business Bank plc (BBB) is a British state-owned economic development bank established by the UK Government. Its aim is to increase the supply of credit to small and medium-sized enterprises as well as providing business advice services. ...

, SEB, and existing investors. Also in 2020, Andy Maguire, former

HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...

Group COO, joined Thought Machine as Chair. In 2021, Thought Machine closed a $200m Series C funding round, raising the company's valuation to $1bn. After that

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

and ING Poland became its new clients, with JPMorgan planning to use Thought Machine's technology for its retail bank. In 2022, it announced several clients, including

Kiwibank Kiwibank Limited is a New Zealand state-owned enterprise, state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets, and the largest New Zealand-owned bank, with a market share of ...

(New Zealand) and Italy's largest bank:

Intesa Sanpaolo Intesa Sanpaolo Società per azioni, S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a ...

Temasek Temasek ( or , also spelt Temasik or Tumasik) is an early recorded name of a settlement on the site of modern Singapore. The name appears in early Malay and Javanese literature, and it is also recorded in Yuan and Ming Chinese documents ...

, and

Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...

invested in Thought Machine's $160m series D funding round, doubling the company's valuation to $2.7bn. In February, Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking system. In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley.

Operations

Thought Machine has offices in London, New York, Singapore, Sydney, and Melbourne. 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 JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by mar ...

Standard Chartered Bank Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...

, Intesa Sanpaolo, M1, and Arvest Bank.

References

{{reflist 2014 establishments in the United Kingdom Service-oriented (business computing) Software companies of the United Kingdom Banking software companies