Fintech firm Thought Machine secures $160 million in a Series D round
Thought Machine, a London-based fintech firm that develops cloud-native technology to revolutionize core banking, revealed that it had raised $160 million (€151.36 million) in a Series D round of funding.
Temasek, a Singapore-based global investment firm, led the investment. Intesa Sanpaolo and Morgan Stanley. Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB were the existing investors who participated in this round.
According to the company, thought Machine wants to utilize the capital to expand in Asia Pacific markets such as Vietnam, Thailand, Indonesia, and the Philippines. The company recently launched a new office in Sydney to grow its operations in Australia, and another in Miami to serve Latin America.
“Our mission is to create technology that can run the world’s banks according to the modern age’s best designs and software practices. In doing so, we will properly and permanently rid the world’s banks of the problems generated by poor technology running on legacy infrastructure,”Thought Machine
The investment has increased the company‘s valuation to $2.7 billion (roughly €2.55 billion) and represents a 100% increase over the last round, which closed at the end of 2021.