London-based Thought Machine, a fintech company that builds cloud-native technology to revolutionise core banking, announced on Wednesday that it has closed $160M (approximately €151.36M) in a Series D round of funding.
The investment has raised the company’s valuation to $2.7B (approximately €2.55B) and marks a 100 per cent increase from its previous round at the end of 2021.
Investors in this round
The investment was led by Temasek, a global investment company headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing investors, including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB, also participated in this round.
Carlo Messina, MD and CEO of Intesa Sanpaolo, says, “We are investing £40M into Thought Machine, a fintech innovator and partner we consider strategic to the industrial upgrade of Intesa Sanpaolo. Their cloud-based technology is fundamental to our transformation from incumbent to digital challenger, improving our core banking technology and providing the foundation for our new digital bank, Isybank.”