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.
Who is thought machine?
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine says its software helps big banks move away from legacy IT infrastructure to a modern, cloud-based platform. In the U.S., for example, it has a deal with JPMorgan to replace the company's core retail banking system.
What software do most banks use?
Generally, the top 10 banking software tools rely on . NET, Python, Ruby, and Java. Also, there are specific technologies for core banking development: Oracle FLEXCUBE, Finastra, Temenos, etc.
How does a thought machine work?
Thought Machine does not sell directly to consumers, but sells by way of a B2B2C model. The services are provisioned by way of smart contracts, which allows Thought Machine and its banking customers to personalise, vary and segment the terms for each bank — and potentially for each customer of the bank.Mar 2, 2020
What is thought machine worth?
$1 billion
Where is Thought Machine based?
London
Which banks use thought machine?
The round, also backed by JPMorgan Chase, Standard Chartered and ING, gives Thought Machine a valuation above $1 billion. Thought Machine says its software helps big banks move away from legacy IT infrastructure to a modern, cloud-based platform.
What does Thought Machine do?
Thought Machine offers a single software solution that banks can configure to provide any product, user experience, operating model or data analysis capability. We do this by deploying Vault as a single, identical platform to all clients, while offering configuration through the Configuration Layer.