SCBFY - Morgan Stanley-backed Thought Machine raises new funds at $2.7B valuation

Thought Machine, a U.K.-based cloud banking fintech, has doubled its valuation to $2.7B through a series D funding round that brought in institutional investors like Morgan Stanley (NYSE:MS). The latest $160M financing was led by Singapore's Temasek, a global investment firm. Existing investors include JPMorgan Chase (JPM) and Lloyds Banking Group (LYG) (OTCPK:LLDTF). "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,” Thought Machine CEO and Founder Paul Taylor said Wednesday.  Regarding those expansion plans, Thought Machine, launched in 2014, will target markets where there is increasing demand for cloud-native technology, including Germany, the company said.  Thought Machine's cloud native banking platform Vault Core already supports dozens of large-scale lenders and neobanks, including Morgan Stanley (MS), Lloyds Banking Group (LYG) , JPMorgan (JPM) and Standard Chartered (OTCPK:SCBFF) (OTCPK:SCBFY). In Sept.

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Morgan Stanley-backed Thought Machine raises new funds at $2.7B valuation