Thought Machine, one of the UK’s most valuable fintechs, is set to unveil that it has received £30m ($41m) funding from a "tier 1" bank later this year, as its annual revenues surpass $100m for the first time, it said.
The boss of the UK fintech also said the conditions “were difficult” for a London IPO, with an IPO at least two years away, and criticised valuations as a performance metric, saying revenues are a better measure.
Thought Machine is one of a new breed of fintechs which provide cloud-based banking services. Others in the space include 10x Banking, founded by former Barclays CEO Antony Jenkins, Mambu and Starling Bank’s Engine. Thought Machine, which provides services for traditional banks and challenger banks, counts Lloyds, JP Morgan Chase, Intesa Sanpaolo, the Italian bank, and Danish challenger bank Lunar as clients.
Last year, filings showed that Thought Machine raised £44.8m in a funding round in July 2025. Thought Machine did not publicise the funding round at the time. The UK fintech says it has raised an enlarged £80m in total.
This is inclusive of the £44.8m as well as £30m from a new unnamed “Tier 1” bank, which is also a client, Paul Taylor, Thought Machine CEO and founder, said.
