Core banking tech firm Thought Machine has doubled its valuation to $2.7 billion.
The London-headquartered company raised almost £130 million in its latest – and allegedly final – funding round.
CEO Paul Taylor, a former Google engineer who founded Thought Machine in 2014, told the FT that there was a likely timeline for a public listing of about three years.
The company, which provides cloud banking technology to more than 35 banks globally – including Morgan Stanley, Lloyds, JPMorgan, Standard Chartered and Atom – said its latest round was led by Singaporean sovereign wealth fund Temasek Holdings, alongside Italian bank Intesa Sanpaolo and US bank Morgan Stanley.
Existing investors including JPMorgan Chase, Lloyds Banking Group and Swedish financial group SEB also participated.
JPMorgan’s fledgling neobank Chase UK is utilising Thought Machine’s core banking engine Vault, which can serve multi-currency and multi-country clients.
We reported the £40m contribution from Intesa Sanpaolo in February after Italy’s largest bank selected the technology to power its new digital banking platform Isybank.
A £150m funding round in November 2021 made Thought Machine a unicorn, while the month before the company relocated to a larger London HQ to support its headcount growth.