“Can a cloud-native, smart-contract-based core banking platform displace decades-old mainframe cores at tier-one global banks?”
Founded 2014 by ex-Google engineer Paul Taylor to 'eradicate legacy technology' from banking. Built Vault Core, a cloud-native core banking platform using smart contracts for product configuration. Has consistently sold to tier-one banks (Lloyds, SEB, Standard Chartered, JPMorgan) rather than challenger banks alone, and extended into payments (Vault Payments) to broaden wallet share within incumbent bank stacks.
Thought Machine processes payments through Visa DPS (partner).
Thought Machine's cards are issued through Marqeta (integration partner).
Thought Machine runs its ledger on Vault Core (in-house smart-contract ledger).
Thought Machine connects to bank accounts through Salt Edge.
Thought Machine uses Wise Platform and Currencycloud for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 7 layers in Thought Machine's stack: Payments / PSP (Visa DPS (partner)); Card issuing (Marqeta (integration partner)); Ledger (Vault Core (in-house smart-contract ledger)); Lending (Vault Core lending products (smart-contract configured) and Ikigai Digital non-bank lender Adapter (partner)); Open banking (Salt Edge); Unified APIs (Currencycloud and Wise Platform); FX & payouts (Wise Platform and Currencycloud).
Thought Machine was founded by Paul Taylor and is founded in 2014, headquartered in London, United Kingdom.
Thought Machine has raised $500M+ in total (latest round: Series C, 2021; valuation: $1B+ (unicorn, 2021)).
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