Thought Machine Group Secures £ 128.88m Investment in Series D Led by Temasek – UK Technology Investment News

LONDON, May 18, 2022 – Thought machine, the cloud native banking technology company, today announces that it has closed the Series D funding round, led by Temasek, the Singapore-based global investment firm, with the participation of Intesa Sanpaolo and Morgan Stanley. Existing investors following this round include: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group and SEB.

Thought Machine is now valued at $ 2.7 billion, a 100% increase from the company’s valuation at the end of the Series C round. This funding round closely follows Thought Machine’s Series C round, which has been completed. at the end of 2021, demonstrating the company’s accelerated growth trajectory and continued interest from global investors.

The funds in this investment round will continue the company’s global expansion plans, building on the success of Thought Machine’s solid performance in New York, Singapore and Australia. Thought Machine has plans for further expansion into Asia Pacific, 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 of the loan to continue investing in its technology, expanding the capabilities of its core banking platform and innovating in new product lines.

Lloyds Banking Group, an early 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 modernization program.

Thought Machine continues to strengthen its executive team with the appointments of former Bank of America and Finastra financial leader Arnaud Attamian as Chief Financial Officer and former SAP and Box sales leader Dana Barisano as Chief Revenue Officer.

Thought Machine’s primary banking platform, Vault Core, is built natively for the cloud, uniquely positioned to support large-scale banks embarking on the core transformation, as well as smaller banks and fintechs rolling out new propositions. on the market. No other core banking provider has signed as many Tier 1 banks as clients like Intesa Sanpaolo, Lloyds Banking Group, ING, SEB and Standard Chartered, among others around the world.

Carlo Messina, CEO and CEO of Intesa Sanpaolo, said: “We are investing around 40 million pounds in Thought Machine, a fintech innovator and partner that we consider strategic for the industrial expansion of Intesa Sanpaolo. Their cloud-based technology is critical to our transformation from incumbent to digital challenger, improving our core banking technology and providing the foundation for our new digital bank, Isybank. “

Paul Taylor, Founder and CEO of Thought Machine, said: “This new funding round that brings Temasek, Morgan Stanley and Intesa Sanpaolo into the business is our mission statement: we intend to become a leader in core banking technology and we are doing it implemented by largest and most successful banks in the world. We will use this new capital to accelerate our expansion plans, serve more customers around the world, and continually refine the capabilities of our core banking platform and other products. ”

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Thought Machine Group Secures £ 128.88m Investment in Series D Led by Temasek – UK Technology Investment News

Source link Thought Machine Group Secures £ 128.88m Investment in Series D Led by Temasek – UK Technology Investment News

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