We are delighted to have advised Thought Machine, the cloud native banking technology company, on its $160 million Series D funding round.
The round was led by Temasek, the global investment company headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing investors following-on in this round include: Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
Thought Machine is now valued at $2.7 billion, a 100% increase from the company’s valuation at the close of the Series C round which completed at the end of 2021. This is a testament to the company’s accelerated growth trajectory and demonstrates continued interest from significant global investors.
This investment round will fund the company’s continuing global expansion plans, building on the success of Thought Machine’s strong performance in New York, Singapore and Australia. Thought Machine has set out plans for further expansion in the Asia Pacific region, growing in markets such as Vietnam,Thailand, Indonesia and Philippines. It recently opened a new office in Sydney to expand its operations in Australia and is opening a new office in Miami to service Latin America.
Commenting on the transaction, corporate partner Angus Miln said: "Thought Machine is revolutionising the core banking industry. We are proud to have supported Paul and the team on this impressive funding round, further deepening our longstanding partnership and helping this dynamic business to accelerate its mission to bring the world's banks onto cloud technology."
Paul Taylor, CEO and founder of Thought Machine, added: “We intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world. We are beyond grateful to Angus and Elinor, and the exceptional Taylor Wessing team, who have been with us every step of the way. Their unrivalled tech sector expertise, creative advice, and tireless dedication was crucial."
The transaction was led by partner Angus Miln with support from senior associate Elinor Picton and associate Joshua Gertner in the corporate team.
