Cloud-based core banking business Thought Machine has gained £40mn funding.
In Brief:
Italian lender Intesa Sanpaolo made the investment.
The investment comes as Thought Machine has been selected to power Intesa Sanpaolo’s new digital offering.
Isybank will be a mass market digital bank, initially targeting four million users.
What does this mean?
The fresh funds come after Thought Machine became a unicorn late last year, and Intesa Sanpaolo joins a number of banks including Standard Chartered and Lloyds in choosing Thought Machine as their core banking provider.
