Thought Machine

Thought MachineIndustry| Financial technology

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Founded| 2014; 12 years ago (2014)
Founder| Paul Taylor
Headquarters|

London

United Kingdom

Products| Cloud banking software
Website| 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

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 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 (in a distinctive art deco building at 7-11 Herbrand Street, Bloomsbury), 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

1. ↑ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment" (in en). https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html.
2. ↑ "Recognizing the biggest hurdle in banking innovation - KPMG Global" (in en-US). 2022-02-08. https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html.
3. ↑ Lomas, Natasha (2021-11-29). "Thought Machine gets $200M and becomes a unicorn" (in en-US). https://techcrunch.com/2021/11/29/thought-machine-series-c-unicorn/.
4. ↑ "Recognizing the biggest hurdle in banking innovation - KPMG Global" (in en-US). 2022-02-08. https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html.
5. ↑ "Thought Machine: Google-inspired banking fintech to unicorn and beyond | Computer Weekly" (in en). https://www.computerweekly.com/news/252508648/Thought-Machine-Google-inspired-banking-fintech-to-unicorn-and-beyond.
6. ↑ "Thought Machine dreams big with $160 million in Temasek-led round" (in en-GB). 2022-05-19. https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/.
7. ↑ Megaw, Nicholas (2018-11-07). "Lloyds invests in fintech Thought Machine". Financial Times. https://www.ft.com/content/b3ebe2ee-e27b-11e8-a6e5-792428919cee.
8. ↑ "Recognizing the biggest hurdle in banking innovation - KPMG Global" (in en-US). 2022-02-08. https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html.
9. ↑ Mehta, Zubin (2020-08-11). "Thought Machines joins BIAN network to strengthen banking foundations" (in en-US). https://www.retailbankerinternational.com/news/thought-machines-joins-banking-industry-architecture-network/.
10. ↑ "SEB invests in fintech firm Thought Machine" (in en-GB). 2020-07-28. https://sebgroup.com/press/news/2020/seb-invests-in-fintech-firm-thought-machine.
11. ↑ Novac, Dragos. "Thought Machine completes a $83 million funding round led by Draper Esprit" (in en). https://nordic9.com/news/thought-machine-completes-a-83-million-funding-round-led-by-draper-esprit-news7640607720/.
12. ↑ "Andy Maguire - Chair at Thought Machine" (in en). https://theorg.com/org/thought-machine/org-chart/andy-maguire.
13. ↑ Sukhraj, Penny. "Former HSBC operations chief Andy Maguire named board chair at Napier" (in en-GB). https://www.fnlondon.com/articles/former-hsbc-operations-chief-andy-maguire-named-board-chair-at-napier-20211027.
14. ↑ "Recognizing the biggest hurdle in banking innovation - KPMG Global" (in en-US). 2022-02-08. https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html.
15. ↑ "Molten Ventures participates in $200m Series C in portfolio company Thought Machine" (in en). 2021-11-29. https://www.moltenventures.com/news/molten-ventures-participates-in-200m-series-c-in-portfolio-company-thought-machine.
16. ↑ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment" (in en). https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html.
17. ↑ "Thought Machine to increase global headcount by more than 20% in next phase of growth plans". https://ffnews.com/newsarticle/thought-machine-to-increase-global-headcount-by-more-than-20-in-next-phase-of-growth-plans/.
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" (in en-US). https://iqcapital.vc/thought-machine-raises-160m-in-series-d-funding-round-doubling-valuation-to-2-7bn-and-accelerating-plans-to-bring-worlds-banks-onto-cloud-technology/.
19. ↑ "Thought Machine dreams big with $160 million in Temasek-led round" (in en-GB). 2022-05-19. https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/.
20. ↑ Mishra, Shivam (2022-02-28). "Vietnam’s HD Bank taps Thought Machine to upgrade banking platform" (in en-US). https://www.retailbankerinternational.com/news/hd-bank-taps-thought-machine/.
21. ↑ "HDBank, Thought Machine deal to strengthen digitisation in Việt Nam banking sector" (in en). https://vietnamnews.vn/economy/1160510/hdbank-thought-machine-deal-to-strengthen-digitisation-in-viet-nam-banking-sector.html.
22. ↑ "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine’s technology". https://ffnews.com/newsarticle/c6-bank-offsets-more-than-900-tonnes-of-carbon-with-new-product-running-on-thought-machines-technology/.
23. ↑ Penn, David (2023-03-08). "Digital Banking Platform HMBradley Inks Deal with Thought Machine" (in en-US). https://finovate.com/digital-banking-platform-hmbradley-inks-deal-with-thought-machine/.
24. ↑ "HMBradley Partners with Thought Machine to Usher in the Future of Banking". https://ffnews.com/newsarticle/hmbradley-partners-with-thought-machine-to-usher-in-the-future-of-banking/.
25. ↑ "Visa Partner | Thought Machine" (in en). https://partner.visa.com/site/partner-directory/thought-machine.html.
26. ↑ Browne, Ryan (2021-11-29). "A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment" (in en). https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html.
27. ↑ "C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine’s technology". https://ffnews.com/newsarticle/c6-bank-offsets-more-than-900-tonnes-of-carbon-with-new-product-running-on-thought-machines-technology/.
28. ↑ "Thought Machine dreams big with $160 million in Temasek-led round" (in en-GB). 2022-05-19. https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/.
29. ↑ Mishra, Shivam (2022-02-28). "Vietnam’s HD Bank taps Thought Machine to upgrade banking platform" (in en-US). https://www.retailbankerinternational.com/news/hd-bank-taps-thought-machine/.
30. ↑ "Recognizing the biggest hurdle in banking innovation - KPMG Global" (in en-US). 2022-02-08. https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html.

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