Most tech founders chase a bigger valuation. Thought Machine’s boss would rather talk about revenue, and he has just crossed a milestone worth boasting about.
The London core-banking company has passed $100m in annual revenue for the first time, tech.eu reported. It also took a fresh £30m ($41m) from a “tier 1” bank, and pushed any stock market listing out to at least 2028. The figures come from its latest results.
Revenue over valuation
Thought Machine builds cloud software that runs the plumbing of a bank: accounts, payments, and the ledger underneath. Lenders pay a usage fee based on how many accounts sit on its Vault platform. Revenue rose 57 per cent in 2025, and annual recurring revenue crossed $100m in mid-2026.
The firm also turned free cash flow positive in the second half of last year.
