14 November 2018
We have advised Thought Machine, a UK-based fintech company, on its strategic partnership with Lloyds Banking Group (Lloyds), and Lloyds' participation in Thought Machine's £18m Series A round financing.
Thought Machine's core product, Vault, is a next generation cloud native core banking platform which has been written from scratch. Lloyds has been working with Thought Machine to develop the capabilities of Vault since 2017, and will enter into a development and deployment phase in 2019.
Commenting on the transaction, Angus Miln, partner in the Corporate Technology team, said: “Thought Machine’s impact on the banking industry, through cloud native capabilities, will be transformative. The partnership with Lloyds will future-proof the bank's digital business to an unprecedented degree. It was a pleasure to work with Paul and his team on this transaction and we are excited to see what the future holds for this dynamic company as it accelerates the evolution of the financial services sector."
Paul Taylor, CEO and founder of Thought Machine, said: “The partnership with and investment from Lloyds is an important step for Thought Machine as we look to develop and grow. The Taylor Wessing team was integral to the execution of this and brought with them passion, dedication and supreme legal expertise."
The Taylor Wessing team was led by partner Angus Miln with support from senior associate Ben Richards and a team of specialists from across the firm.