UK-based cloud-native banking platform Thought Machine raised £11m ($14.3m) in funding from financial services firm Lloyds on Wednesday as part of a $23.5m series A round.
The remaining investors in the round have not been identified. Lloyds has acquired a 10% stake in the company through the deal.
Founded in 2014, Thought Machine has developed a cloud-based banking platform, Vault, that can be configured to offer a full range of products including current accounts and mortgages, through mobile and web apps. The platform can also fully automate of data analytics and regulatory reporting.
Lloyds made the investment through a strategic partnership that will enable the high-street bank to accelerate towards becoming a digital business. The corporate has been collaborating with Thought Machine on the development of Vault since 2017.
Zak Mian, group director of transformation at Lloyds, said: “A key part of our recently launched three-year strategic plan is applying technology innovation to meet our customers’ evolving needs.
“I am really excited to work with the Thought Machine team to explore ways to simplify and enhance our IT architecture and helping on our journey to make banking easy and simple for customers.”
