Lloyds in £11m tech investment move
Lloyds Banking Group has invested £11m in fintech company Thought Machine as part of a plan to accelerate the lender’s “digital transformation”.
The investment gives Lloyds a 10 per cent stake in the fintech company, whose core product vault is a cloud-based banking platform. Thought Machine believes Vault will
“simplify the technical and operational complexity of banking”.
The FTSE 100-listed lender expects Vault to provide customers with “more tailored products” and enable faster development cycles and further digital banking improvements.