Singapore’s Temasek Leads $160m Series D Funding Round in Thought Machine, the Uk-headquartered Company Putting the World’s Banks Into the Cloud & More News Here

LONDON–(BUSINESS WIRE)–Thought Machine, the cloud native banking know-how firm, as we speak publicizes it has closed its sequence D funding spherical, led by Temasek, the world funding firm headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing buyers following-on in this spherical embody: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.

Thought Machine is now valued at $2.7bn – a 100% enhance from the firm’s valuation at the shut of its sequence C spherical. This funding spherical carefully follows Thought Machine’s sequence C spherical, which accomplished at the finish of 2021, demonstrating the firm’s accelerated development trajectory and continued curiosity from world buyers.

Thought Machine–IDC analysis revealed that the common age of core banking know-how in Asia is 20 or extra years previous, demonstrating the enormous potential for Thought Machine’s fashionable cloud-native know-how in the area. Funds from this funding spherical will proceed the firm’s growth plans in Asia Pacific, rising in markets resembling Vietnam, Thailand, Indonesia and Philippines. Thought Machine has not too long ago opened a brand new workplace in Sydney to develop its operations in Australia. The firm can even use proceeds from the funding to proceed investing in its know-how – increasing the capabilities of its core banking platform and innovating in new product strains.

Lloyds Banking Group, an early investor in Thought Machine and a participant in this spherical, has prolonged its licence settlement with the enterprise till 2029. This extension is a part of Lloyds Banking Group’s persevering with know-how modernisation programme.

Thought Machine continues to strengthen its govt workforce with the appointments of former Bank of America and Finastra finance chief Arnaud Attamian as Chief Financial Officer, and former SAP and Box gross sales chief Dana Barisano as Chief Revenue Officer.

Thought Machine’s core banking platform Vault Core is developed natively for the cloud – uniquely positioned to assist large-scale banks enterprise core transformation, in addition to smaller banks and fintechs launching new propositions to the market. No different core banking vendor has signed as many Tier 1 banks as shoppers resembling Intesa Sanpaolo, Lloyds Banking Group, ING, Al Rajhi Bank Malaysia, SEB, and Standard Chartered, amongst others round the world.

Paul Taylor, founder and CEO of Thought Machine, stated: “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.”

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About Thought Machine

Thought Machine has developed the foundational layer of recent banking. Its cloud native core banking engine, Vault Core, is trusted and utilized by main banks and monetary establishments round the world – together with Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom financial institution, Curve and extra.

Vault Core has been written from scratch as a wholly cloud native platform and offers banks full management to construct any product required to flourish in a quickly altering world.

Thought Machine is at the moment a workforce of greater than 500 individuals unfold throughout places of work in London, New York, Singapore, Sydney, and Melbourne, and has raised greater than $500m in funding.

For extra data go to thoughtmachine.internet

About Temasek

Temasek is a world funding firm with a internet portfolio worth of S$381 billion (US$283b) as at 31 March 2021. Headquartered in Singapore, it has 13 places of work in 9 nations round the world.

The Temasek Charter defines Temasek’s three roles as an Investor, Institution and Steward, which form its ethos to do nicely, do proper, and do good. As a supplier of catalytic capital, it seeks to allow options to key world challenges.

With sustainability at the core of all Temasek does, it actively seeks sustainable options to handle current and future challenges, because it captures investible alternatives to deliver a few sustainable future for all.

For extra data on Temasek, please go to www.temasek.com.sg.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a number one world monetary companies agency offering funding banking, securities, wealth administration and funding administration companies. With places of work in greater than 41 nations, the Firm’s staff serve shoppers worldwide together with firms, governments, establishments, and people. For extra details about Morgan Stanley, please go to www.morganstanley.com.

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