Thought Machine, the cloud-native core banking and payments technology company, today announced it has surpassed the $100m total revenue threshold for the financial year ending December 2025, as verified by the filing of its audited accounts. This milestone reflects a 57% year-on-year (YoY) increase in total revenue. Driven by multi-year commitments for several tier 1 bank migrations, the company’s ARR also crossed the $100m threshold as of Q2 2026.
This momentum is anchored by Thought Machine's leadership in the tier 1 banking space, where its client base now includes 18 of the world’s largest institutions, more than 10% of the global market. Thought Machine has established a larger enterprise footprint than all next-generation competitors combined, demonstrating the operational maturity and engineering resilience of its Vault platform.
This recent commercial success means that Thought Machine has now signed 68 banks globally.
This rapid revenue growth allowed the company to achieve positive free cash flow in the second half of 2025, and with the support of a highly predictable revenue model of long-term contracts, Thought Machine has established a clear path to sustained profitability.
Backed by a strong balance sheet, Thought Machine is investing in three core areas:
- R&D expansion: Thought Machine has opened a new engineering office in Lisbon and is rapidly expanding headcount at its London HQ, with plans to onboard more than 100 new engineers in 2026.
- AI leadership: Thought Machine has always been on the leading edge of technology and has spearheaded the transformation of core banking into cloud computing. It is now leading the next revolution by using AI to accelerate migrations, power agentic commerce, and automate bank operations.
- Market expansion: Thought Machine now has clients in over 30 countries. Following a record year in sales in the Americas and rapid adoption of the Vault platform in Latin America, the company has opened a new office in Miami to complement its regional HQ in New York.
“Crossing the $100m revenue threshold proves that the world’s largest banks are no longer thinking of cloud-native core technology as being solely for greenfield business, they are deploying it at scale for full bank migrations,” said Paul Taylor, CEO and Founder of Thought Machine. “We have established clear leadership in the tier 1 market because our platform properly fulfills the needs of banks at scale. With a strong balance sheet backed directly by our customer-investors, we have the financial maturity and the technology to power any bank, of any size, anywhere in the world.”