Lloyds in £11m tech in­vest­ment move

Yorkshire Post - Business - - BUSINESS / NEWS -

Fin­tech:

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.

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