Thought Machine Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

727 Thought Machine

Thought Machine Strengths, Domain Expertise, and Key Differentiators

Thought Machine’s primary strength lies in its innovative Vault platform, which includes Vault Core and Vault Payments, designed to address the banking industry’s need for modern, scalable systems. Vault Core’s cloud-native, microservices-based architecture enables real-time processing and high configurability, allowing banks to tailor solutions to specific requirements. Vault Payments, launched in June 2022, supports a wide range of payment types and schemes, integrating seamlessly with networks like Mastercard. The company’s recognition as a Leader in the 2025 Gartner Magic Quadrant for Retail Core Banking, with the highest Ability to Execute, highlights its technological leadership and comprehensive vision. Thought Machine’s partnerships with major financial institutions, including JPMorgan, Lloyds Banking Group, and Standard Chartered Bank, demonstrate the trust and adoption of its solutions across the global financial sector. Additionally, the company’s engineering-driven culture fosters continuous innovation, ensuring its offerings remain at the forefront of the industry.

Thought Machine Recent Developments

Thought Machine has made significant strides in 2024 and 2025, reinforcing its leadership in cloud-native banking technology. Throughout 2024, Thought Machine expanded its global footprint through strategic partnerships with financial institutions such as SEB Embedded in November 2024, which focused on driving Banking-as-a-Service (BaaS) innovation, and BCA Syariah, also in November 2024, to modernize Islamic finance in Indonesia. Additionally, a partnership with Afin Bank in October 2024 aimed to launch a digital bank for Africans in the UK, showcasing Thought Machine’s commitment to diverse market needs. The company further strengthened its collaboration with Mastercard in November 2024, enhancing core banking and payment capabilities to deliver seamless, customer-centric experiences globally. These developments underscore Thought Machine’s focus on innovation and global expansion, positioning it to meet the evolving demands of the financial services industry.

Thought Machine Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Thought Machine applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Thought Machine and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Vault Core, Vault Payments customers.

Thought Machine Overview

7 Herbrand Street

London, x, WC1N 1EX, United Kingdom

44 20 3752-4337

https://www.thoughtmachine.net/


Ownership: - x

Number of Employees: 500

Functional Markets: ERP Financial, ERP Services and Operations,

Key Verticals: Banking and Financial Services,

Thought Machine Key Enterprise and Cloud Applications

Vault Core, Vault Payments

Thought Machine Revenues, $M:

Type/Year20232024YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
Enterprise Applications Revenues, $M Subscribe Subscribe Subscribe
Cloud Applications Revenues, $M Subscribe Subscribe Subscribe

* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.

Thought Machine Revenue Breakdown By Type, $M:

TypeLicenseServicesHardwareS&MSaaSPaaSIaaSOtherTotal
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe 100%
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe

Thought Machine Revenues By Region, $M

Region% of Total Revenues2024 Total Revenues, $M2024 Enterprise Applications Revenues, $M2024 Cloud Applications Revenues, $M
Americas Subscribe Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe Subscribe

Thought Machine Direct vs Indirect sales

TypeDirect SalesIndirect SalesTotal
Type % Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe

Thought Machine Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Thought Machine Customers


No. of Thought Machine Customers: x

No. of Thought Machine Enterprise Applications Customers: x

No. of Thought Machine Cloud Customers: x

No. of Thought Machine Cloud Subscribers: x


Thought Machine’s customer base is diverse, spanning traditional banks, fintechs, and emerging financial institutions across Europe, Asia, and Australia. Key clients include JPMorgan, Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, and M1, reflecting the company’s ability to serve large-scale, complex banking operations. In 2024, Thought Machine expanded its portfolio with new clients such as SEB Embedded, BCA Syariah, Afin Bank, and Judo Bank, strengthening its presence in critical markets. For instance, SEB Embedded’s partnership focuses on BaaS innovation, while BCA Syariah leverages Thought Machine’s technology to modernize Islamic finance in Indonesia. Afin Bank’s collaboration aims to launch a digital bank for Africans in the UK, and Judo Bank upgraded its lending platform with Thought Machine’s solutions. Additionally, Payset adopted Vault Payments in June 2024 to enhance its multi-currency and payment orchestration capabilities. This growing and varied customer base underscores Thought Machine’s versatility in addressing diverse financial needs, from legacy system modernization to new digital banking ventures.

Thought Machine Market Opportunities, M&A and Geo Expansions

Thought Machine is well-positioned to capitalize on the ongoing digital transformation in the banking sector, supported by a strong financial foundation and strategic global presence. The company raised $160 million in its Series D funding round in May 2022, achieving a valuation of $2.7 billion, which has fueled its expansion into key financial markets. With offices in London, New York, Singapore, Sydney, and Melbourne, Thought Machine is strategically placed to meet the growing demand for cloud-native banking solutions. The company’s focus on global expansion, as evidenced by its partnerships in Asia, Europe, and the UK, aligns with the industry’s shift toward agile, scalable, and customer-centric technologies. Furthermore, Thought Machine’s plans for a potential London IPO, though not expected before 2027, indicate long-term growth ambitions, despite investor pressure for a New York listing. As banks worldwide seek to replace legacy systems and enhance digital offerings, Thought Machine’s innovative solutions position it to capture significant market share in the evolving fintech landscape.

Thought Machine Risks and Challenges

Thought Machine operates in a highly competitive core banking software market, where continuous innovation is essential to maintain its leadership position. While the company has benefited from stable leadership under Founder and CEO Paul Taylor, any potential changes in executive management could introduce uncertainties in its strategic direction, particularly in its Go-To-Market strategy. As of April 2025, there are no indications of imminent leadership transitions, mitigating this risk in the near term. Another risk factor is the need to differentiate its offerings amidst competition from other fintech providers and legacy system vendors. Thought Machine must sustain its pace of innovation to meet evolving customer expectations and regulatory requirements, ensuring its solutions remain cutting-edge and compliant across diverse markets.

Thought Machine Ecosystem, Partners, Resellers and SI

Thought Machine has cultivated a robust ecosystem through strategic partnerships that enhance its technological capabilities and market reach. In November 2024, the company expanded its collaboration with Mastercard to deliver advanced core banking and payment solutions, enabling financial institutions to offer innovative pay-now solutions and streamline operations. Partnerships with technology providers like Form3, established in October 2023, have integrated real-time payment technologies such as FedNow, TCH RTP, and SEPA Instant Credit Transfer into Vault Payments, enhancing its payment processing capabilities. Additionally, the 2022 partnership with Digibee has strengthened Thought Machine’s ability to connect legacy and cloud-based systems, facilitating digital transformation for banks. These alliances validate Thought Machine’s technology and foster co-innovation, enabling the company to offer comprehensive solutions that address the complex needs of financial institutions worldwide. By leveraging this ecosystem, Thought Machine continues to drive the development of next-generation financial services.

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.


Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).


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