This partnership is in line with Lloyds’ Strategic Review, announced earlier in 2018, and is consistent with its drive to enhance the customer experience and become more agile.
Thought Machine is a UK-based growth stage technology company whose core product, Vault, is a cloud-native banking platform. Over the past three years, the Thought Machine team has written Vault using software engineering techniques to help simplify the technical and operational complexity of banking.
Since 2017, Lloyds has completed extensive testing and proofs of concept, and continues to work with Thought Machine to develop the capabilities of Vault. The new technology can provide customers with more tailored products, as well as enable faster development cycles and further digital banking improvements. Lloyds will enter into a development and deployment phase in 2019.
In conjunction with this partnership, Lloyds has made an GBP 11 million investment in Thought Machine, representing a 10% stake, as part of its ‘Series A’ GBP 18 million investment round. Lloyds will continue to look at further investment opportunities to help accelerate the delivery of the transformation programme.
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