Thought Machine
{{Infobox company
| name = Thought Machine
| industry = Financial technology
| founded = {{start date and age |2014 }}
| founder = Paul Taylor
| hq_location_city = London
| hq_location_country = United Kingdom
| products = Cloud banking software
| website = {{URL |https://www.thoughtmachine.net/ }}
}}
Thought Machine is a London-based cloud banking technology company that was founded in 2014 by Paul Taylor. It operates in the United Kingdom, Singapore, the United States, and Australia.{{Cite web |last=Browne |first=Ryan |date=2021-11-29 |title=A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment |url=https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html |access-date=2023-07-13 |website=CNBC |language=en}}{{Cite web |date=2022-02-08 |title=Recognizing the biggest hurdle in banking innovation - KPMG Global |url=https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html |access-date=2023-07-13 |website=KPMG |language=en-US}}{{Cite web |last=Lomas |first=Natasha |date=2021-11-29 |title=Thought Machine gets $200M and becomes a unicorn |url=https://techcrunch.com/2021/11/29/thought-machine-series-c-unicorn/ |access-date=2023-07-13 |website=TechCrunch |language=en-US}}
History
Thought Machine was founded in 2014 by Paul Taylor.{{Cite web |date=2022-02-08 |title=Recognizing the biggest hurdle in banking innovation - KPMG Global |url=https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html |access-date=2023-07-13 |website=KPMG |language=en-US}}{{Cite web |title=Thought Machine: Google-inspired banking fintech to unicorn and beyond {{!}} Computer Weekly |url=https://www.computerweekly.com/news/252508648/Thought-Machine-Google-inspired-banking-fintech-to-unicorn-and-beyond |access-date=2023-07-13 |website=ComputerWeekly.com |language=en}}{{Cite web |date=2022-05-19 |title=Thought Machine dreams big with $160 million in Temasek-led round |url=https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/ |access-date=2023-07-13 |website=Tech.eu |language=en-GB}} In 2018, Thought Machine formed a partnership with Lloyds Banking Group which also participated in Thought Machine's $25 million Series A funding round.{{Cite news |last=Megaw |first=Nicholas |date=2018-11-07 |title=Lloyds invests in fintech Thought Machine |work=Financial Times |url=https://www.ft.com/content/b3ebe2ee-e27b-11e8-a6e5-792428919cee |access-date=2023-07-13}}
In 2019 the company launched its Asia Pacific office in Singapore. Nordic financial group SEB launched UNQUO, a bank designed for entrepreneurs, on Thought Machine’s Vault Core.{{Cite web |date=2022-02-08 |title=Recognizing the biggest hurdle in banking innovation - KPMG Global |url=https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html |access-date=2023-07-13 |website=KPMG |language=en-US}}
In August 2020, Thought Machine joined Banking Industry Architecture Network (BIAN), a non-profit network that provides a common framework for banking.{{Cite web |last=Mehta |first=Zubin |date=2020-08-11 |title=Thought Machines joins BIAN network to strengthen banking foundations |url=https://www.retailbankerinternational.com/news/thought-machines-joins-banking-industry-architecture-network/ |access-date=2023-07-13 |website=Retail Banker International |language=en-US}} That same year the company raised $125m in a Series B funding round from Molten Ventures, Eurazeo, British Business Bank, SEB, and existing investors.{{Cite web |date=2020-07-28 |title=SEB invests in fintech firm Thought Machine |url=https://sebgroup.com/press/news/2020/seb-invests-in-fintech-firm-thought-machine |access-date=2023-07-13 |website=sebgroup.com |language=en-GB}}{{Cite web |last=Novac |first=Dragos |title=Thought Machine completes a $83 million funding round led by Draper Esprit |url=https://nordic9.com/news/thought-machine-completes-a-83-million-funding-round-led-by-draper-esprit-news7640607720/ |access-date=2023-07-13 |website=Nordic 9 |language=en}} Also in 2020, Andy Maguire, former HSBC Group COO, joined Thought Machine as Chair.{{Cite web |title=Andy Maguire - Chair at Thought Machine |url=https://theorg.com/org/thought-machine/org-chart/andy-maguire |access-date=2023-07-13 |website=THE ORG |language=en}}{{Cite web |last=Sukhraj |first=Penny |title=Former HSBC operations chief Andy Maguire named board chair at Napier |url=https://www.fnlondon.com/articles/former-hsbc-operations-chief-andy-maguire-named-board-chair-at-napier-20211027 |access-date=2023-07-13 |website=www.fnlondon.com |language=en-GB}}
In 2021, Thought Machine closed a $200m Series C funding round, raising the company's valuation to $1bn. After that JPMorgan Chase and ING Poland became its new clients, with JPMorgan planning to use Thought Machine's technology for its retail bank.{{Cite web |date=2022-02-08 |title=Recognizing the biggest hurdle in banking innovation - KPMG Global |url=https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html |access-date=2023-07-13 |website=KPMG |language=en-US}}{{Cite web |date=2021-11-29 |title=Molten Ventures participates in $200m Series C in portfolio company Thought Machine |url=https://www.moltenventures.com/news/molten-ventures-participates-in-200m-series-c-in-portfolio-company-thought-machine |access-date=2023-07-13 |website=Molten |language=en}}{{Cite web |last=Browne |first=Ryan |date=2021-11-29 |title=A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment |url=https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html |access-date=2023-07-13 |website=CNBC |language=en}}
In 2022, it announced several clients, including Kiwibank (New Zealand) and Italy's largest bank: Intesa Sanpaolo. Temasek, Intesa Sanpaolo, and Morgan Stanley invested in Thought Machine's $160m series D funding round, doubling the company's valuation to $2.7bn.{{Cite web |title=Thought Machine to increase global headcount by more than 20% in next phase of growth plans |url=https://ffnews.com/newsarticle/thought-machine-to-increase-global-headcount-by-more-than-20-in-next-phase-of-growth-plans/ |access-date=2023-07-13 |website=ffnews.com}}{{Cite web |last=Tocquin |first=Mado |date=2022-05-18 |title=Thought Machine raises $160m in series D funding round - doubling valuation to $2.7bn and accelerating plans to bring world's banks onto cloud technology |url=https://iqcapital.vc/thought-machine-raises-160m-in-series-d-funding-round-doubling-valuation-to-2-7bn-and-accelerating-plans-to-bring-worlds-banks-onto-cloud-technology/ |access-date=2023-07-13 |website=IQ Capital |language=en-US}}{{Cite web |date=2022-05-19 |title=Thought Machine dreams big with $160 million in Temasek-led round |url=https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/ |access-date=2023-07-13 |website=Tech.eu |language=en-GB}} In February, Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking system.{{Cite web |last=Mishra |first=Shivam |date=2022-02-28 |title=Vietnam’s HD Bank taps Thought Machine to upgrade banking platform |url=https://www.retailbankerinternational.com/news/hd-bank-taps-thought-machine/ |access-date=2023-07-13 |website=Retail Banker International |language=en-US}}{{Cite web |title=HDBank, Thought Machine deal to strengthen digitisation in Việt Nam banking sector |url=https://vietnamnews.vn/economy/1160510/hdbank-thought-machine-deal-to-strengthen-digitisation-in-viet-nam-banking-sector.html |access-date=2023-07-13 |website=vietnamnews.vn |language=en}}
In 2023 Thought Machine partnered with C6 Bank and a fintech platform HMBradley.{{Cite web |title=C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine’s technology |url=https://ffnews.com/newsarticle/c6-bank-offsets-more-than-900-tonnes-of-carbon-with-new-product-running-on-thought-machines-technology/ |access-date=2023-07-25 |website=ffnews.com}}{{Cite web |last=Penn |first=David |date=2023-03-08 |title=Digital Banking Platform HMBradley Inks Deal with Thought Machine |url=https://finovate.com/digital-banking-platform-hmbradley-inks-deal-with-thought-machine/ |access-date=2023-07-25 |website=Finovate |language=en-US}}{{Cite web |title=HMBradley Partners with Thought Machine to Usher in the Future of Banking |url=https://ffnews.com/newsarticle/hmbradley-partners-with-thought-machine-to-usher-in-the-future-of-banking/ |access-date=2023-07-25 |website=ffnews.com}}
Operations
Thought Machine has offices in London, New York, Singapore, Sydney, and Melbourne.{{Cite web |title=Visa Partner {{!}} Thought Machine |url=https://partner.visa.com/site/partner-directory/thought-machine.html |access-date=2023-07-25 |website=partner.visa.com |language=en}}{{Cite web |last=Browne |first=Ryan |date=2021-11-29 |title=A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment |url=https://www.cnbc.com/2021/11/29/thought-machine-hits-1-billion-valuation-in-jpmorgan-backed-funding.html |access-date=2023-07-25 |website=CNBC |language=en}} The company develops two products: Vault Core, a cloud-native technology for creating financial products using smart contracts with real-time data access; and Vault Payments, a platform enabling processing of all types of global payments. Some of Thought Machine's clients are JPMorgan, Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, M1, and Arvest Bank.{{Cite web |title=C6 Bank offsets more than 900 tonnes of carbon with new product running on Thought Machine’s technology |url=https://ffnews.com/newsarticle/c6-bank-offsets-more-than-900-tonnes-of-carbon-with-new-product-running-on-thought-machines-technology/ |access-date=2023-07-13 |website=ffnews.com}}{{Cite web |date=2022-05-19 |title=Thought Machine dreams big with $160 million in Temasek-led round |url=https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/ |access-date=2023-07-13 |website=Tech.eu |language=en-GB}}{{Cite web |last=Mishra |first=Shivam |date=2022-02-28 |title=Vietnam’s HD Bank taps Thought Machine to upgrade banking platform |url=https://www.retailbankerinternational.com/news/hd-bank-taps-thought-machine/ |access-date=2023-07-13 |website=Retail Banker International |language=en-US}}{{Cite web |date=2022-02-08 |title=Recognizing the biggest hurdle in banking innovation - KPMG Global |url=https://kpmg.com/xx/en/home/insights/2022/01/pulse-of-fintech-h2-2021-thought-machine-interview.html |access-date=2023-07-13 |website=KPMG |language=en-US}}