Cloud-native core banking provider Thought Machine has appointed former HSBC group chief operating officer Andy Maguire as chair.
Maguire takes on his new role immediately, replacing Richard Little. In five years at HSBC he led the bank's IT, business operations, change support, procurement and real estate services before leaving this summer for a stint at Boston Consulting Group.
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine's core banking engine Vault counts Lloyds Banking Group, Standard Chartered, SEB and Atom Bank as clients. The firm says it has several new client announcements in the pipeline as it continues a busy 2020 that has seen it close a $125 million Series B round and hire more than 150 people, bringing its headcount to 400 plus.
Says Maguire: "Over the last few years, I have watched Thought Machine disrupt the age-old core banking problem and partner with leading banks to deliver their transformation journey. Thought Machine’s success can be attributed to two strategic differentiators - a world-class engineering team and a commitment to high quality delivery.
"With its recent funding, and acceleration of international hiring, the company is ready for its next stage of global growth. I am delighted to be joining Thought Machine as it expands its footprint to new markets, grows its revenue, and demonstrates that modern core banking infrastructure is a strategic imperative for 21st century finance."