UK-based Thought Machine Secures £45M As Losses Increase

The round, completed in July with backing from existing investors, will support growth and continued investment in product development.

The London fintech, led by founder Paul Taylor, has previously worked with major clients including Lloyds and Standard Chartered. It did not disclose its current valuation.

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In 2022, Thought Machine was valued at $2.7bn (£2.2bn) following a $160m Series D round led by Temasek, with participation from Morgan Stanley, Intesa Sanpaolo, and Lloyds TSB Group.

Latest filings show 2024 revenues of £47.6m, slightly down from £47.8m the previous year, while losses widened to £69.3m from £62.7m. Headcount also fell to 518 from 552 year-on-year.

Founded in 2014, Thought Machine is on a mission to modernize global banking by eliminating legacy tech issues through Vault Core, its cloud-native core banking platform.

Built on microservices and APIs, Vault Core adapts to any bank’s needs. With a culture of engineering excellence and collaboration, Thought Machine drives innovation while offering a fast-paced, supportive and fun workplace.