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

Thought Machine Strengths, Domain Expertise, and Key Differentiators

Thought Machine’s Vault stands as a comprehensive retail banking platform with the flexibility to be easily configured to meet the specific requirements of any bank. It is constructed from the ground up as a cloud-native microservices API architecture platform. Thought Machine, rooted in a culture of engineering excellence, firmly believes that this commitment is the driving force behind providing a solution that is compelling enough to catalyze a transformative shift in the banking industry.

Thought Machine Recent Developments

Thought Machine unveiled the upcoming stage of its expansion strategy, outlining a plan to augment its global headcount by over 20% in the year 2023. Notably, this expansion initiative will involve recruitment efforts in India, Japan, and South Africa for the first time.

Over the year, the company plans to recruit 125 new employees. The majority of these positions will be allocated to augmenting Thought Machine’s engineering team at its London headquarters. Additionally, the company is set to make its inaugural hires in India, Japan, and South Africa. In a further expansion move, Thought Machine is establishing a new office in Miami, which will complement its existing offices in London, New York, Singapore, and Sydney.

In April 2021, Thought Machine partnered with international payments technology company Wise, formerly known as TransferWise. The Wise for Banks API has been integrated with Thought Machine’s core banking engine, Vault, which will allow any bank, fintech, or other financial institution using Vault to enable Wise’s fast and low-cost international transfers service more quickly and efficiently.

In November 2019 Thought Machine has partnered with Google Cloud. As a Google Cloud partner in the Partner Advantage Program, Thought Machine is excited to work closely with the Google Cloud team on new opportunities around the world.

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 Key Enterprise and Cloud Applications

Vault Core, Vault Payments

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Thought Machine Direct vs Indirect sales

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

List of Verified Thought Machine Customers

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Thought Machine's clientele is concentrated in Europe and Asia, featuring prominent institutions like JPMorgan, Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, M1, Arvest Bank, and several others.

Thought Machine Market Opportunities, M&A and Geo Expansions

May 2022 marked the completion of Thought Machine's 160m in series D funding round, which was spearheaded by Temasek, the global investment company based in Singapore. Intesa Sanpaolo and Morgan Stanley also participated as notable contributors, while existing investors such as Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB continued their support in this round. Following the successful funding, Thought Machine is currently valued at $2.7 billion, reflecting a remarkable 100% increase from the company’s valuation at the conclusion of its series C round.

In July 2020, Thought Machine secured an extra $42 million in funding for its series B round, scheduled to conclude in early August. Eurazeo Growth is spearheading this extension, with British Patient Capital and SEB joining as new investors. Royal Park Partners served as the financial adviser. This additional funding elevates the total value of the round to $125 million, building upon the $83 million secured in March, led by Draper Esprit and supported by Lloyds Banking Group, IQ Capital, Backed, and Playfair Capital.

With this new round of financing, Thought Machine will continue to invest in growing its business internationally – also hiring key roles in APAC, US, and Australia, while continuing to develop new products and features, including its upcoming advanced payments solution.

March 2020 saw Thought Machine secure $83 million in funding, marking a pivotal step in propelling the next stage of its growth. This financial backing is set to fortify Thought Machine's commitment to revolutionizing banking through the implementation of cloud-native systems. Additionally, the funds will support ongoing investments in the company's core engineering capabilities and facilitate Thought Machine's expansion into the Asia Pacific region on a global scale.

Thought Machine Risks and Challenges

The introduction of new leadership may precipitate the adoption of a revised Go-To-Market strategy, introducing uncertainties in the organization's operational direction, market positioning, and revenue generation.

Thought Machine Ecosystem, Partners, Resellers and SI

In November 2023, Trafalgar, a financial services provider based in Mexico specializing in SMEs, joined forces with Thought Machine to establish Mexico's pioneering fintech deployed on next-generation core technology. Trafalgar is set to utilize Thought Machine’s advanced core banking platform, Vault Core, and embark on the development of a comprehensive suite of additional financial services, ranging from digital cards and POS systems to digital authentication and beyond.

In October 2023, Thought Machine collaborated with Form3, the cloud-native account-to-account platform, to add FedNow, TCH RTP, and SEPA Instant Credit Transfer connectivity into Thought Machine’s payment platform, Vault Payments. This partnership unites two payment solutions, providing banks and financial institutions with a comprehensive solution for seamless real-time payment processing from start to finish.

Thought Machine Cloud Infrastructure Insights

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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).

For additional information on our methodologies, here's the link: