A London fintech running out of cash pays £100k+ per head and has been hiring

As we've mentioned many a time, fintech's current obsession is profitability. Some, like London banks, haven't had an issue with this. Thought machine, a cloud infrastructure fintech unicorn, has.

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In the Thought Machine's 2023 annual report filed recently on Companies House, Thought Machine revealed that its operating loss actually increased to £77.9m ($102.2m) last year, from £73.5m in 2022, even as profits rose 13% to £47.8m. 

The ongoing losses are spurring concerns that the firm maybe running out runway at a time when raising new funding is a challenge. 

In October 2023, Thought Machine announced it was planning to lay off 70 staff members. However, it added 82 people last year, reaching a total of 597, with its engineering team receiving the biggest influx. 

'Wages and salaries' per head marginally increased from £106.2k in 2022 to £108k. The firm also has 17 open roles in London, Singapore, New York, Chicago and Miami.

Adam Rajpal, a Thought Machine alumni, said the firm is "playing the long game," and that it "isn't easy" to convince banks to abandon their legacy tech. However, Seb Johnson of insights firm GrowthHub notes that the firm only has around £100m of cash in the bank, so unless it is able to secure funding soon, that long game may be very short indeed

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