Founded in 2014, Thought Machine is one of the UK’s leading fintech companies, with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry.

The company suggests that banks are stuck on a legacy IT platform, which hurts their ability to innovate and give their customers the kind of service they deserve.

His solution to this is Vault, which he describes as “a comprehensive retail banking platform that can be easily configured to meet any bank’s needs.”

The banking platform, Vault Core, is built natively for the cloud and supports large banks undertaking core transformation, as well as smaller banks and fintechs launching new propositions to market.

Thought Machine recently announced it raised $160M in Series D funding and is now valued at $2.7B.

This funding round closely follows Thought Machine’s Series C round, which concluded in late 2021. Funds from this investment round will continue the company’s global expansion plans, with the company laying out plans further expansion in Asia-Pacific, growing in markets such as Vietnam, Thailand, Indonesia and the Philippines.

It recently opened a new office in Sydney to expand its operations in Australia and is opening a new office in Miami to serve Latin America. The company will also use proceeds from the funding to continue investing in its technology, expanding the capabilities of its core banking platform and innovating new product lines.

Paul Taylor, Founder and CEO of Thought Machine, said, “This new round of funding that brings Temasek, Morgan Stanley and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in banking technology. core, and we’re deployed by the world’s largest and most successful banks. We will use this new capital to accelerate our expansion plans, serve more customers around the world, and continuously refine the capabilities of our core banking platform and other products.

Move to the cloud

As a country of digital transformation across all industries, banks need to innovate to keep up with the changes. The financial services industry is changing at a rapid pace as customers embrace digital solutions, consumer expectations evolve, and new technologies and regulatory requirements develop.

A report from Google Cloud revealed that 83% of surveyed financial services companies say they deploy cloud technology as part of their core IT infrastructure. Among those using cloud technology, the most popular architecture of choice is hybrid cloud (38%), followed by single cloud (28%) and multicloud (17%). Notably, among respondents without a multicloud deployment, 88% said they plan to adopt a multicloud strategy in the next 12 months.