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Thought Machine's Losses Rise Despite Employee Cut, Secures £45m in Funding

Despite a rise in losses and a decrease in staff, Thought Machine has raised significant funds to fuel its growth and innovation in the cloud banking sector.

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This image is taken from the top, where we can see the city which includes, towers, buildings, trees, sky and the cloud.

Thought Machine's Losses Rise Despite Employee Cut, Secures £45m in Funding

Thought Machine, a UK-based cloud banking services provider, has reported a decrease in employee count and increased losses in 2024. Despite this, the company has successfully raised funds in a recent financing round, led by Singaporean investment company Temasek.

Thought Machine's headcount stood at 518 employees by the end of 2024, a decrease from the previous year's 552. This change comes as the company's losses have increased year-on-year. In 2024, Thought Machine's revenues reached £47.6m, but losses amounted to £69.3m.

In more positive news, Thought Machine has secured nearly £45m in a funding round earlier this year. This round was part of the company's Series D financing, led by Temasek. The investment valued Thought Machine at $2.7bn (£2.2 billion). The funds will be used to support the company's growth and product development.

Thought Machine's recent financial results show a decrease in employee count and increased losses. However, the company has successfully raised funds, demonstrating investor confidence in its future prospects. The raised funds will aid Thought Machine's growth and product development in the cloud banking services sector.

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