Company:Thought Machine

From HandWiki
Thought Machine Group Limited
Industry
  • Financial services
  • Financial technology
FoundedJune 1, 2014; 10 years ago (2014-06-01) in London, United Kingdom
FounderPaul Taylor
Headquarters
London
,
United Kingdom
Number of locations
4 locations (UK, US, Singapore, Australia)
Key people
  • Paul Taylor (CEO)
  • Will Montgomery (CTO)
  • Andrew Maguire (Chair)
Products
  • Current accounts
  • Savings accounts
  • Loans
  • Credit Cards
  • Mortgages
Number of employees
508 (2022)
Websitethoughtmachine.net

History

Thought Machine was founded in 2014 by former Google employee Paul Taylor. Paul developed speech synthesis technology which was later acquired by Google[1].

In late 2016, the company passed its first proof of concepts with banks and shortly afterwards entered into a commercial contract with British financial institution Lloyds Banking Group[2].

In 2018, Thought Machine announced Atom Bank as a client[3]. In 2019, the company announced both Standard Chartered[4] in Hong Kong and SEB Group[5] as new clients.

In October 2020, the company announced Monese[6] and Curve[7] as its latest clients. In September 2021, Thought Machine announced Arvest Bank[8] and JPMorgan Chase as clients. JPMorgan have stated they will use Thought Machine's technology to replace the current systems serving their US retail banking customers.[9] Italian bank Intesa Sanpaolo announced an investment into the business in 2022, and plans to use Thought Machine technology as part of their four-year business plan[10].

Funding

In late 2016, Thought Machine raised a Seed round from IQ Capital[11] and Backed VC[12]. In 2018, it raised an £18m ($23m) series A round with Lloyds Banking Group taking an £11m stake in the business[13].

On July 28, 2020, the company announced a $125m series B round with participation from Eurazeo Growth, Draper Esprit, British Patient Capital, Nyca Partners and SEB[14]. The company's series C round closed at $200m with a valuation of over $1 billon, giving Thought Machine unicorn satus[15].

Round Date Lead investor(s) Amount raised
Seed 30 November 2016 IQ Capital, Backed
Series A 7 November 2018 Lloyds Banking Group £18m
Series B 27 July 2020 Eurazeo Growth, Draper Esprit $125m
Series C 29 November 2021 Nyca Partners $200m

References

  1. ↑ Dignan, Larry (6 December 2010). "Google acquires Phonetic Arts for voice technology". https://www.zdnet.com/article/google-acquires-phonetic-arts-for-voice-technology/. 
  2. ↑ "Lloyds Banking Group Enters Into Strategic Partnership With Thought Machine". 7 November 2018. https://www.lloydsbankinggroup.com/media/press-releases/2018/lloyds-banking-group/lloyds-banking-group-enters-into-strategic-partnership-with-thought-machine.html. 
  3. ↑ "Digital disruptor Atom bank partners with Thought Machine". 27 November 2018. https://www.atombank.co.uk/newsroom/digital-disruptor-atom-bank-partners-with-thought-machine/. 
  4. ↑ "Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong". 23 October 2019. https://finovate.com/thought-machine-helps-standard-chartered-launch-digital-bank-in-hong-kong/. 
  5. ↑ "SEBx chooses Thought Machine for cloud-based banking platform". 8 October 2019. https://sebgroup.com/press/news/sebx-chooses-thought-machine-for-cloud-based-banking-platform. 
  6. ↑ Finn, Aisling (5 October 2020). "Monese integrates Thought Machine's core banking platform as it sets sights on rapid expansion". https://www.altfi.com/article/7106_monese-integrates-thought-machines-core-banking-platform-as-it-sets-sights-on-rapid-expansion. 
  7. ↑ Hamilton, Alex (20 October 2020). "Curve to launch new credit facility powered by Thought Machine's Vault". https://www.fintechfutures.com/2020/10/curve-to-launch-new-credit-facility-powered-by-thought-machines-vault/. 
  8. ↑ "Thought Machine signs Arvest Bank to Vault platform" (in en). 2021-09-15. https://www.finextra.com/newsarticle/38821/thought-machine-signs-arvest-bank-to-vault-platform. 
  9. ↑ "JPMorgan Chase moving retail bank's core system to cloud" (in en). 2021-09-22. https://www.americanbanker.com/news/jpmorgan-chase-moving-retail-banks-core-system-to-cloud. 
  10. ↑ "Business plan 2022-2025 - Intesa Sanpaolo" (in en). https://group.intesasanpaolo.com/en/investor-relations/business-plan. 
  11. ↑ "Thought Machine". https://iqcapital.vc/company/thoughtmachine/. 
  12. ↑ "Our Investments". https://www.backed.vc/our-investments/. 
  13. ↑ "Lloyds invests in UK fintech firm Thought Machine". 8 November 2018. https://www.nsbanking.com/news/lloyds-acquires-stake-thought-machine/. 
  14. ↑ "Thought Machine Announces $125m Series B Funding Round – Driving Continued International and APAC Expansion". 28 July 2020. https://www.bloomberg.com/press-releases/2020-07-28/thought-machine-announces-125m-series-b-funding-round-driving-continued-international-and-apac-expansion. 
  15. ↑ "Thought Machine gets $200M and becomes a unicorn" (in en-US). https://social.techcrunch.com/2021/11/29/thought-machine-series-c-unicorn/. 

Category:Financial technology companies


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