Thought Machine, which builds core banking in the cloud, has doubled its valuation to $2.7bn.
In Brief:
The cloud native banking technology company has announced a $160mn Series D round.
The round was led by Temasek, and included Intesa Sanpaolo and Morgan Stanley – plus existing investors.
Thought Machine’s valuation is now $2.7bn – after its Series C round
What does this mean?
The firm says it will use the new funding to continue on its global expansion plans. Currently Thought Machine has expanded from its London HQ across New York, Singapore and Australia and has high profile partnerships with LLoyds Banking Group and Standard Chartered among others.
CEO Paul Taylor commented: “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.
“We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products.”
