Digital Banking Platform HMBradley Inks Deal with Thought Machine

Digital Banking Platform HMBradley Inks Deal with Thought Machine
  • Digital banking platform HMBradley forged a strategic partnership with banking technology provider Thought Machine.
  • HMBradley will leverage Thought Machine’s Vault Core solution to offer new and more personalized financial products to its customers.
  • U.K.-based Thought Machine made its Finovate debut at FinovateEurope in 2018.

Fintech platform HMBradley announced a strategic partnership with banking technology provider Thought Machine this week. Courtesy of the collaboration, HMBradley will be able to clear its waitlist and begin opening new accounts for the first time in nearly a year and a half. To this end, HMBradley also has teamed up with New York Community Bank (NYCB), a division of Flagstar Bank, who will maintain the customer deposit accounts.

“With Thought Machine’s cutting-edge technology, we can quickly create and build the products we’ve imagined, and with NYCB’s long-standing reputation as a stable and successful financial institution, we can exceed customer expectations at scale,” HMBradley co-founder and CEO Zach Bruhnke said. “This will result in an unparalleled customer experience with more personalized tools and benefits for our customers.”

The adoption of Thought Machine’s configurable, cloud-native core banking platform Vault Core has enabled HMBradley to transition away from overnight batch transaction processing to real-time ledger capabilities. Features like Thought Machine’s smart contract technology gives HMBradley the ability to respond to market demands in real time, as well as enhance the customer experience with more personalized solutions and actionable insights into their financial status.

“By running on Vault Core,” Thought Machine CEO Paul Taylor said, “HMBradley will undoubtedly grow and improve its service in ways customers never imagined. We look forward to supporting HMBradley as it bakes power and efficiency into its operations and rolls out innovative new features with speed.”

Thought Machine’s partnership with HMBradley comes less than a month after the company announced that U.S.-based Arvest Bank was launching a new loan offering using Thought Machine’s core banking technology. Thought Machine and Arvest Bank have worked together since the fall of 2021, when the $26 billion financial institution brought Thought Machine on board to help drive its digital transformation strategy. Laura Merling, the bank’s chief transformation and operations officer, praised Thought Machine’s Vault Core for its ability to enable the bank to “build, launch, and manage any financial product through its Universal Product Engine” which offers “highly personalized, targeted products to specific customer segments.”

Founded in 2014 and headquartered in London, U.K., Thought Machine made its Finovate debut at FinovateEurope 2018. The company has raised more than $562 million in funding according to Crunchbase, from investors including Temasek Holdings, Intesa Sanpaolo, and Nyca Partners.

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Eight Alums Raised More Than $984 Million in Q2 2022

Eight Alums Raised More Than $984 Million in Q2 2022

We may have missed an alum or two. But with the second quarter of 2022 in the books, here’s a look at our Finovate alumni funding for April, May, and June of this year.

As of our current count, eight Finovate alums have raised more than $984 million in Q2 of 2022. Of the eight alums that received funding in the quarter just ended, two – Allied Payment Network and Chekk – did not disclose the total amount of their investments.

Two of the quarter’s biggest investments were received in June, giving that month the lion’s share of capital raised by Finovate alums in the second quarter of the year.

Previous quarterly comparisons

  • Q2 2021: More than $2.8 billion raised by 14 alums
  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums

As we noted last year around this time, it is not unusual for second quarters to produce more moderate funding numbers compared to other quarters. And, as with last year, April proved to be an especially “cruel” month for fintech funding – at least as measured by our alums – with only FinovateEurope alum and relative newcomer Crowdz reporting funding that month.

That said, this year’s Q2 haul surpassed that of two of the previous five second quarters – and with significantly fewer alums participating.

Top Equity Investments

  • SumUp: $624 million
  • ThoughtMachine: $160 million
  • Backbase: $122 million

The top equity investment for the quarter was far and away the $624 million raised by London-based e-commerce innovator SumUp. In fact, all three of the top equity investments in Q2 of 2022 were greater than the largest investment in the previous quarter. SumUp’s massive capital infusion rivals all Finovate alum investments since NuBank raised $750 million in the second quarter of 2021.

Backbase’s fundraising of $122 million was notable because it was the first time the company had sought outside capital in its nearly 20 years of existence.

Here is our detailed alum funding report for Q2 2022.

April: $10 million raised by one alum

May: More than $178 million raised by three alums

June: More than $796 million raised by four alums

If you are a Finovate alum that raised money in the second quarter of 2022 and do not see your company listed, please drop us a note at We would love to share the good news! Funding received prior to becoming an alum not included.

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Thought Machine Doubles Valuation to $2.7 Billion After Series D Funding Round

Thought Machine Doubles Valuation to $2.7 Billion After Series D Funding Round
  • Core banking expert Thought Machine raised $160 million in Series D funding.
  • The investment was led by Temasek and saw participation from Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
  • Thought Machine’s valuation now totals $2.7 million, double the valuation it held last fall.

Core banking innovator Thought Machine landed $160 million in a Series D funding round which values the company at $2.7 billion. This number is two times than the valuation the company received at the close of its Series C round in November of last year.

Today’s investment was led by Temasek and saw participation from Intesa Sanpaolo and Morgan Stanley, as well as existing investors Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. As part of today’s agreement, Lloyds Banking Group has extended its license agreement with Thought Machine until 2029.

“This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world,” said Thought Machine Founder and CEO Paul Taylor.

Thought Machine already operates in New York, Singapore, and Australia, and will soon be available in Latin America. The company will use the funding to fuel further global expansion into the Asia Pacific region, as well. Specifically, Thought Machine is scoping out Vietnam, Thailand, Indonesia, and the Philippines.

The company will also use a portion of today’s investment to expand on the capabilities of its existing core banking offering and explore new product lines. “We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products,” explained Taylor.

With 500 employees and $563 million in funding, U.K.-based Thought Machine has been working to transform the core banking space since 2014. Among the company’s clients are Lloyds Banking Group, Standard Chartered, Atom bank, Monese, SEB, and JP Morgan Chase.


Thought Machine Secures $54 Million Investment from Italian Bank Intesa Sanpaolo

Thought Machine Secures $54 Million Investment from Italian Bank Intesa Sanpaolo
  • Core banking technology innovator Thought Machine has signed a partnership with Intesa Sanpaolo, Italy’s largest bank by total assets.
  • As part of the partnership, the bank has invested $54 million (£40 million) in the U.K.-based fintech.
  • The partnership with Intesa Sanpaolo is the third bank partnership Thought Machine has secured this year.

U.K. based core banking technology company Thought Machine inked its third bank partnership of 2022 this week, teaming up with Italian Bank Intesa Sanpaolo. The collaboration will bring Thought Machine’s core banking engine, Vault, to the Italian financial institution, who will use the technology to power its new digital banking platform Isybank. The new platform will be geared initially toward the bank’s four million mass-market customers in Italy. Beyond that, Intesa Sanpaolo plans to further deploy Thought Machine’s core banking technology into its infrastructure more broadly, swapping out mainframe-based core technology in favor of the cloud.

Pointing to the digital preferences of its younger clientele, Intesa Sanpaolo CEO Carlo Messina said, “this new digital bank will evolve our retail business from incumbent to fintech challenger in the mass market, with the option to expand internationally.”

In addition to the technology partnership, Intesa Sanpaolo announced that it would invest $54 million (£40 million) in the U.K.-based bank technology firm. The funding takes Thought Machine’s total capital to more than $402 million.

“We chose Thought Machine as our partner due to its international standing as a fintech innovator,” Messina added. “We believe so strongly that Thought Machine is the right partners for this transformation that we are also announcing our investment in the company to be a part of its growth story.”

With 13.5 million customers in Italy and 7.1 million customers around the world, Intesa Sanpaolo and its subsidiaries are active in 12 countries in Central and Eastern Europe, as well as in Egypt. The bank is the largest in Italy by total assets and one of the 30 biggest banks in the world.

A Finovate alum since its debut at FinovateEurope in 2018, Thought Machine has sealed partnerships with three banks so far in 2022, including Intesa Sanpaolo. Thought Machine began the year announcing that Al Rajhi Bank Malaysia (ARBM) would leverage its technology to build an Islamic digital bank later this year. ARBM is a subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia, the world’s largest Islamic bank by assets. The deployment of Thought Machine’s Vault is part of a multi-year digital transformation project begun last year by ARBM. The bank has credited Vault’s product building functionality for enabling it to create a full suite of Shariah-compliant banking products.

Also this year, Thought Machine announced that U.S. mutual savings bank Mascoma Bank will deploy Vault and migrate its customers to the new technology. A certified B corporation serving customers in the New England states of New Hampshire, Vermont, and Maine, Mascoma Bank will use Vault to both innovate and add new solutions to its product line, as well as provide the institution with a single source of record by housing all of its data in a single location to more easily understand and serve its customers.

“We believe that modern technology is the key to unlocking superior customer service,” Mascoma Bank president and CEO Clay Adams said. “We are proud at Mascoma Bank to be different by design – we are adopting Thought Machine’s modern technology to deliver on our mission of better serving our customers and communities, to offer new products and be a leader in community banking.”

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Thought Machine Reaches Unicorn Status with $200 Million Investment

Thought Machine Reaches Unicorn Status with $200 Million Investment

In a round led by Nyca Partners, cloud native core banking technology platform Thought Machine has secured $200 million in new funding. The Series C investment gives the London-based fintech a valuation of more than $1 billion, giving the company so-called “unicorn status.”

Thought Machine will use the new capital to continue development and evolution of its flagship solution, Vault, and its Universal Product Engine. Vault leverages APIs and a microservice architecture to provide institutions with all of the functionality necessary to offer both retail and small business banking services. A system of smart contracts enables companies to configure Vault to support a variety of retail bank products including current and savings accounts, loans, credit cards, and mortgages. And as a cloud-based solution, Vault offers institutions security, flexibility, scalability, high availability, and an absence of friction.

Vault also enables institutions to better manage run and change costs so that banks only pay for the hardware they actually use and benefit from the ability to launch new products quickly and deploy upgrades to existing solutions with zero downtime.

“We set out to eradicate legacy technology from the industry and ensure that banks deployed on Vault can succeed and deliver on their ambitions,” Thought Machine founder and CEO Paul Taylor said. “These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”

Also participating in the Series C were new investors ING Ventures, JPMorgan Chase Strategic Investments, and Standard Chartered Ventures. Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures, Backed, and IQ Capital also contributed. Thought Machine has raised more than $348 million in equity funding to date.

Thought Machine demonstrated its core banking solution, Vault, in its Finovate debut at FinovateEurope in 2018. More recently, in September of this year, the company announced that JP Morgan Chase would replace its core banking suite with Thought Machine’s Vault. Also joining Chase in transitioning to Vault this fall was Arvest Bank, which operates a cohort of small, U.S.-based community banks. In April, Thought Machine announced an integration with fellow Finovate alum Wise (formerly Transferwise) to enable companies using Vault to access low-cost international fund transfers.

Founded in 2014, Thought Machine was named “B2B Fintech of the Year” by AltFiNews earlier this month.

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JP Morgan Taps Thought Machine to Replace Retail Banking Core

JP Morgan Taps Thought Machine to Replace Retail Banking Core

JP Morgan Chase announced this week it will replace its U.S. core banking suite with U.K.-based Thought Machine’s Vault.

Founded in 2014, Vault is a cloud native core banking engine that leverages smart contracts to help banks and fintechs build in the cloud and avoid the constraints of legacy technology. Vault provides a full range of retail and small business banking capabilities, including checking accounts, savings, loans, credit cards, and mortgages.

In the future, Thought Machine plans to build Commercial and Private Wealth offerings into Vault, as well.

JP Morgan, which was in the headlines yesterday for its purchase of college planning platform Frank, will benefit from Vault. The technology’s cloud-based nature will decrease the siloed structure that comes with most large, legacy banks. Instead, JP Morgan will operate as a universal banking platform where all products run on a single system.

“JPMorgan Chase represents one of the most ambitious, powerful financial institutions in the world—and our joint work signals to the finance industry that cloud native core banking technology is the future for financial services,” said Thought Machine CEO and founder Paul Taylor. “We are delighted to be working with JPMorgan Chase on this project, delivering modern core technology to the bank, and powering the next generation of financial services in North America.”

Thought Machine, which raised $125 million last year, is said to be working on another $205 million funding round. The company has seen significant growth over the past year and has scaled up its clients base to include Lloyds Banking Group, Standard Chartered, Atom bank, Monese, and SEB. Not only that, the company added 100 employees in the first half of 2020.

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Thought Machine Integrates with Wise

Thought Machine Integrates with Wise

Cloud native core banking technology innovator Thought Machine has partnered with international payments company Wise (formerly Transferwise) in a deal that will enable banks, fintechs, and other financial institutions that are using ThoughtMachine’s core banking engine, Vault, to take advantage of the low-cost international fund transfer services provided by Wise.

“We have built a world-class financial technology partner ecosystem which our clients can tap into as they build a future-proof bank,” Thought Machine CEO Paul Taylor explained. “The firms we choose to partner with are those that have built meaningful, ultra-reliable products that ultimately improve the banking experience for customers. We look forward to working with Wise to bring its industry-leading payments solution to many more financial institutions, and customers, around the world.” 

To ensure cross-system interoperability, Thought Machine and Wise have built an integration layer that cuts down on the amount of development work needed to plug into Wise’s API by as much as 60%. The partnership is a response to the growing demand for faster, more affordable, and transparent multi-currency banking, and comes amid a broadening trend away from reliance on legacy core banking technology and traditional correspondent banking networks.

“Though the internet has transformed much of the economy, the global banking system has lagged behind and moving money internationally has remained slow, difficult, and expensive for most,” Wise Platform & Wise Business Managing Director Stuart Gregory said. “Our mission is to change this 一 a goal we share with Thought Machine. Our integration today makes it quicker and easier for financial institutions and banks to enable faster and cheaper payments for their customers and brings us one step closer to our mission of building money without borders.”

Wise is actually the second money transfer company that Thought Machine has teamed up with in the first half of 2021. In February, the company announced that it was working with TransferGo, who will use Thought Machine’s Vault to provide advanced platform capabilities that will enhance the customer experience. The company also recently forged partnerships with German software engineering company GFT to launch challenger bank BankLiteX, and with full-stack fintech solution provider Vacuumlabs, which leveraged ThoughtMachine’s Vault to power a virtual bank in Hong Kong. An alum of FinovateEurope, London-based Thought Machine has raised more than $148 million in funding.

A Finovate alum since 2013, Wise moves more than $6 billion every month, saving its 10 million customers $1.5 billion in hidden fees every year. Rebranding as Wise in February, the company unveiled its product roadmap earlier this month, highlighting new initiatives in customer experience, spending and cards, expansion, small business services, and security. The company offers a multi-currency account that enables individual users to take advantage of real exchange rates in more than 50 international currencies. Wise Business provides payment services including invoice payments, debit cards, P2P payments, and cash management to more than 400 businesses. The firm includes companies ranging from fellow Finovate alum Xero to challenger bank N26 among its customers.

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Thought Machine to Power Credit Product for Curve

Thought Machine to Power Credit Product for Curve

Cloud banking technology provider Thought Machine has been tapped by U.K.-based Curve to power its new buy now, pay later (BNPL) offering that allows customers to pay for purchases in installments.

The new product, Curve Credit, allows users to spread their payments over three, six, or nine month periods. Thanks to Thought Machine’s core platform and Curve’s Go Back in Time technology, credit can be applied both retrospectively and prospectively.

The retroactive payment functionality will rely on the smart contracts product-building system in Vault, Thought Machine’s cloud native core banking engine.

“Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers,” said Head of Curve Credit Paul Harrald. “Curve Credit’s ethos is about responsible lending and responsible borrowing. Alongside Curve OS, this three-way dynamic will be able to give each customer the clearest possible terms via a simple and beautiful product and experience.”

Founded in 2014, Thought Machine provides core banking technology for tier one banks, neobanks, and fintechs across the globe. The company counts Lloyds Banking Group, Standard Chartered, Atom bank, Monese, and SEB among its clients. Thought Machine’s funding total was boosted to more than $148 million in July of this year after the company closed a $42 million round.

Curve, which landed a partnership with Samsung Pay in August, enables users to consolidate all of their cards onto a single smart payment card. The company was founded in 2015 and has raised just over $74 million.

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Thought Machine Locks in $42 Million in Funding

Thought Machine Locks in $42 Million in Funding

Cloud banking technology provider Thought Machine has secured another $42 million in funding, boosting its Series B round to a total of $125 million after picking up an $83 million investment this spring. The new infusion of capital was led by Eurazeo Growth and featured participation from new investors British Patient Capital and SEB.

The investment will help the company to continue its international expansion – including the addition of new hires in the APAC region, the U.S., and in Australia. The company also plans to use the funding to fuel development of new products and functionalities, including a new payments solution.

“The prospect of transitioning to cloud native technology is now at the forefront of every major bank’s roadmap,” ThoughtMachine CEO Paul Taylor said. “Plans have been hastened in the wake of regulatory pressure, economic uncertainty, and the need to manage cost-income ratios.”

Thought Machine’s signature offering, Vault, is a modern, cloud-native core banking system designed for financial institutions burdened with legacy technology. Demonstrated at the company’s Finovate debut at FinovateEurope in 2018, Vault provides a secure, fast, and reliable end-to-end banking system that manages users, accounts, savings, loans, mortgages, smart contracts, and other financial products and services. By leveraging APIs and a microservice architecture, Vault is able to provide financial institutions with all the functionality necessary for bank operations. Currently geared toward retail and small business banking, the company plans to add both commercial banking and private wealth services “in the future.”

Named to the Tech Nation Future Fifty in March, and joining the Mastercard Start Path Programme in May, Thought Machine announced in June that its Vault platform was compatible with all major cloud infrastructure providers including Google Cloud Platform, Amazon Web Services, Microsoft Azure, and IBM Cloud. Founded in 2014 and headquartered in London, Thought Machine includes Atom Bank and Lloyds Banking Group among its partners.

Thought Machine Locks in $83 Million in Growth Funding

Thought Machine Locks in $83 Million in Growth Funding
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U.K.-based, cloud native, core banking technology provider Thought Machine has just secured Series B funding that will help the U.K.-based company expand into the Asia-Pacific. The $83 million raised this week, courtesy of a round featuring all of the company’s existing investors, takes the firm’s total capital to more than $106 million.

Valued at $143 million at the time of its Series A round in 2014, Thought Machine is currently believed to be worth between $220 million and $320 million.

Thought Machine founder and CEO Paul Taylor said that the funding had arrived at a “pivotal stage” in the company’s development, citing both “healthy” revenues and “huge” customer demand. “As well as international expansion we will put further investment into our core technology,” Taylor said, “ensuring that banks will always have the best possible cloud native platform, and allow them to keep up with technology breakthroughs in the future which bring agility, security, resilience, and good economics.”

An alum of European fintech conference, the company demonstrated its core banking solution, Vault, at FinovateEurope 2018 . With this technology, Thought Machine enables both incumbent and challenger banks to operate and compete with a cloud-based offering of their own. Vault offers institutions checking and savings accounts, well as credit cards, loans, and mortgage financing.

Last fall Thought Machine announced a partnership with Standard Chartered’s new digital bank in Hong Kong, and unveiled a new collaboration with Swedish financial group, SEB. Both deals will feature deployment of Thought Machine’s Vault platform.

After expansion to Australia and Japan, Thought Machine plans to go live in the United States later this year.

Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong

Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong

Standard Chartered has selected Thought Machine to provide core banking capabilities for its new digital bank launching in Hong Kong, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The new venture, for which Standard Chartered received a virtual banking license from the Hong Kong Monetary Authority (HKMA), will be unveiled later this year.

According to Deniz Güven, CEO of the as-yet unnamed bank, the selection of the right vendors was a crucial part of building out the bank’s capabilities.

He told FinTech Magazine that Thought Machine would be used as the bank’s “powerful product engine.”

The virtual bank is also using payments processor Paymentology, deploying Netsuite from Oracle and working with FICO to build out its credit business.

According to a May blog post from Güven, it has gone from a core team of ten people to more than 100 members of staff.

“We saw our chance to build a bank with a totally new operating model: new, cloud-based technology from the ground up,” wrote the CEO at the time, “a new way of onboarding clients, new anti-money laundering and fraud systems designed from the client’s viewpoint.”

Thought Machine demonstrated its core banking technology, Vault, at FinovateEurope 2018. Headquartered in London, U.K., and founded in 2014, Thought Machine has raised more than $23 million (£18 million) in funding, and includes Lloyds Banking Group and Backed VC among its investors.

Finovate Alumni News


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  • Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong.
  • OurCrowd Teams Up with Toyota in Search for Tech Talent.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.