Most traditional banks are stuck on legacy technology. The world's biggest banks today have been around for hundreds of years and their systems reflect this. Their tech systems were built in the mid-20th century and changes/improvements have been layered on top since then.
This infrastructure is creaking in a lot of these institutions, so they need a radical overhaul if they're going to compete with challenger banks like Monzo, N26 and Starling, that have built their banks on modern technology from the ground up.
Thought Machine's customers are primarily in Europe and Asia, and include legacy outfits like Standard Chartered, Lloyds Banking Group, and Sweden’s SEB, but they are also working with challenger banks like Atom Bank. Traditional banks will need to innovate to hold on to their market share, and will need the latest technology to do it, providing a big opportunity for Thought Machine.
The company has raised more than $500m in funding and are now valued at $2.7bn, which is being used to support the transformation of the retail banking market with cloud native technology, solving bank reliance on legacy IT. Thought Machine were named AltFi's B2B Fintech of the Year, placed in the FinTech50, and in the IDC list of top 100 Fintechs.
Kirsty
Company Specialist at Welcome to the Jungle