Thought Machine is a fintech company that aims to revolutionize core banking by building cloud-native technology. The company tries to solve one of the banking’s primary problems – reliance on outdated IT infrastructure. For this purpose, Thought Machine offers a retail banking platform that can be easily configured to the needs of any bank.
The funding round was led by Singapore’s Temasek. Existing investors, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB, also participated in the round. Among new investors were Intesa Sanpaolo and Morgan Stanley. The money raised will be used for building on operations in Singapore, New York, and Australia. “Their [Thought Machine] 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,” Carlo Messina, managing director and CEO, Intesa Sanpaolo.
Thought Machine, London, England, was founded by Paul Taylor in 2014. “This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world,” Paul Taylor, founder and CEO of Thought Machine. Among the company’s plans are further expansion in Asia-Pacific – Thailand, Indonesia, Philippines, and Vietnam. As of now, Thought Machine opened offices in Sydney for expansion in Australia, and in Miami – for expansion in Latin America.