Thought Machine builds cloud-native core banking software and charges clients usage fees based on live accounts on its platform. Founded in 2014 and headquartered in the UK, the company counts clients including Lloyds, JP Morgan Chase, Intesa Sanpaolo and Danish challenger Lunar, and has offices in New York and Miami. The business reported surpassing $100m in revenue in 2025, a 57% year-on-year increase, and reduced losses from nearly £70m to around £12m in the same period. Only about 15% of revenue comes from the UK, with the US its largest market, followed by Australia and Latin America; it has recently signed deals with a large Canadian bank and an Australian bank. Thought Machine employs roughly 530 people, having added over 90 staff in the year ending 2025, and management says an IPO is unlikely before 2028.

Total raised

$612M

Funding rounds

7

Latest round

Convertible Note

Latest activity

Jul 2026