Thought Machine has surpassed $100 million in revenue – but an anticipated stock market flotation is at least two years away.
The core banking technology provider has published audited accounts which revealed a previously unpublicised £45 million funding round as well as a fresh £30m from a new investor.
The £30m comprises £9m in primary funding via the issuance of convertible loan notes, alongside a £21m secondary market transaction designed to facilitate the sale of employee share options.
Founder and CEO Paul Taylor told Tech.eu that it has been secured from an unnamed tier 1 bank which also acts as a client.
On the £44.8m Series E quietly raised from existing shareholders in July 2025, Taylor refused to reveal the valuation this put on the business, saying: “We are trying to put less emphasis on valuation and more emphasis on commercial success.
“Funding rounds are just not where we want the attention to be. We want the attention to be on commercial growth.
“Hitting revenue targets is a far better indicator of success than saying ‘look how valuable we are’.”
He also said the conditions “were difficult” for a London IPO and that a float is at least two years away.
The firm’s 2025 revenue increased 57% year on year, supported by 59% growth in annual recurring revenue. It said it achieved positive free cash flow in H2 2025, establishing a clear path to sustained operating profitability, with ARR also crossing the $100m threshold as of Q2 2026.
Thought Machine said its client base now includes 18 of the world’s largest institutions, more than 10% of the global market. It has now signed 68 banks globally.
It has opened a new engineering office in Lisbon and is rapidly expanding headcount at its London HQ, with plans to onboard more than 100 new engineers in 2026. It has also opened a new office in Miami to complement its regional HQ in New York.
“Crossing the $100m revenue threshold proves that the world’s largest banks are no longer thinking of cloud-native core technology as being solely for greenfield business, they are deploying it at scale for full bank migrations,” said Taylor.
“We have established clear leadership in the tier 1 market because our platform properly fulfills the needs of banks at scale.
“With a strong balance sheet backed directly by our customer-investors, we have the financial maturity and the technology to power any bank, of any size, anywhere in the world.”