Thought Machine, the cloud native banking technology company, announces it has closed its series D funding round, led by Temasek, the global investment company headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing investors following-on in this round include: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. Thought Machine is now valued at $2.7bn – a 100% increase from the company’s valuation at the close of its series C round. This funding round closely follows Thought Machine’s series C round, which completed at the end of 2021, demonstrating the company’s accelerated growth trajectory and continued interest from global investors.
Funds from this investment round will continue the company’s global expansion plans – building on the success of Thought Machine’s strong performance in New York, Singapore, and Australia. Thought Machine has set out plans for further expansion in Asia Pacific, growing in markets such as Vietnam, Thailand, Indonesia, and Philippines. Thought Machine has recently opened a new office in Sydney to expand its operations in Australia and is opening a new office in Miami to service Latin America. The company will also use proceeds from the funding to continue investing in its technology – expanding the capabilities of its core banking platform and innovating in new product lines. Thought Machine has developed the foundational layer of modern banking. Its cloud native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more.