PR85745

LONDON and SINGAPORE, Sept. 23, 2020 /PRNewswire=KYODO JBN/ --

Thought Machine, the cloud native core banking technology company today

announces the appointment of Andy Maguire as Chair. Maguire, former Group Chief

Operating Officer of HSBC, joins Thought Machine effective immediately. At

HSBC, Maguire led the bank's IT, business operations, change support,

procurement and real estate services. Prior to HSBC, Maguire was Boston

Consulting Group's managing partner for the UK and Ireland, and a member of

their global executive committee.

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Maguire's appointment comes at a time of significant momentum for Thought

Machine, which recently closed its series B round at US$125m, the fourth

largest fundraising round in UK fintech this year. Furthermore, Thought Machine

has added more than 150 employees in 2020 and has made a number of key senior

hires in Q2 including Nicole Jude as Chief People Officer. Nicole recently led

HR and people functions at Diligent Corporation and Bloomberg.

The appointment of Maguire happens against the backdrop of banks around the

world increasingly demanding future-proof core banking infrastructure. Thought

Machine will be announcing a number of new clients in the coming months. As the

company pursues its internationalisation strategy, Thought Machine is

strengthening its board with Maguire's experience in driving banking

transformation at HSBC, a world-leading financial institution serving more than

40 million customers in more than 64 countries.

Maguire will take over from Richard Little, software entrepreneur, angel

investor and non executive director in software and technology businesses.

Little has chaired Thought Machine since 2016, overseeing its growth from 40

employees to more than 400 today. His experience in growing software businesses

has been invaluable in guiding Thought Machine's expansion into new overseas

markets and going live with several leading banks.

Founded in 2014 by Google engineer Paul Taylor, Thought Machine is delivering

cloud native core banking technology to leading banks around the world.

Currently Thought Machine names Lloyds Bank, Standard Chartered, Atom bank and

SEB as customers.

Andy Maguire, newly appointed Chair of Thought Machine, says:

"Over the last few years, I have watched Thought Machine disrupt the age-old

core banking problem and partner with leading banks to deliver their

transformation journey. Thought Machine's success can be attributed to two

strategic differentiators - a world-class engineering team and a commitment to

high quality delivery. With its recent funding, and acceleration of

international hiring, the company is ready for its next stage of global growth.

I am delighted to be joining Thought Machine as it expands its footprint to new

markets, grows its revenue, and demonstrates that modern core banking

infrastructure is a strategic imperative for 21st century finance."

Paul Taylor, CEO and Founder of Thought Machine, comments:

"I am delighted that a person of Andy Maguire's calibre has joined Thought

Machine. As we expand our market share, Andy's skill set and experience in

driving HSBC's infrastructural and operational strategy will be critical in

creating material value for the business. As the world navigates the new

economic environment, resilient and agile core banking infrastructure has never

been more important to banks needing to adapt and serve customers. I look

forward to working with Andy closely as Thought Machine meets this demand and

aggressively pursues our international growth plans over the coming years."

About Thought Machine

Thought Machine was founded in 2014 with a mission to enable banks to deploy

modern systems and move away from the legacy IT platforms that plague the

banking industry. We do this through our cloud native core banking platform,

Vault. This next generation system has been written from scratch as an entirely

cloud native platform. It does not contain a single line of code which is

legacy, or pre-cloud.

Founded by entrepreneur Paul Taylor, Thought Machine's customers include Lloyds

Banking Group, SEB, Standard Chartered and Atom bank. We are currently a team

of more than 400 people spread across offices in London and Singapore and have

raised more than 110m Pounds in funding from Eurazeo, Draper Esprit, SEB,

British Patient Capital, IQ Capital, Playfair Capital, Lloyds Banking Group and

Backed. For more information visit thoughtmachine.net.

Source Thought Machine