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Thought Machine to increase global headcount by more than 20% in next phase of growth plans

  • Thought Machine to make its first hires in India, Japan, and South Africa
  • Miami office to be established to meet demand from Latin America

LONDON, March 1, 2023 – Thought Machine, the cloud-native banking technology company, today announces the next phase of its expansion plans, in which it will increase its global headcount by more than 20% in 2023, which includes hiring in India, Japan and South Africa for the first time.

The company will make 125 new hires over the year. Most newly created roles will join Thought Machine’s engineering team in its London HQ. The company will also make its first hires in India, Japan, and South Africa. The business is also opening a new office in Miami, complementing existing offices in London, New York, Singapore, and Sydney.

This is not the first time Thought Machine has expanded in a difficult economic climate. During the 2020 lockdown, the company made 200 new hires.

Thought Machine’s growth can be attributed to a selective hiring process that ensures critical roles are added to the business without overhiring. The company has developed a compelling work environment with low attrition and high employee satisfaction.

Last year, Glassdoor analysis revealed Thought Machine pays the highest starting salary of any UK company. In New York, Crain’s New York Business ranked Thought Machine as the best place to work in NYC in 2022. In 2021, Sifted magazine identified Thought Machine as the most generous European fintech in terms of overall share options allocated to employees.

Thought Machine’s culture has resulted in a high uptake of employees returning to the office. Three-quarters of UK-based employees now choose to work in the office four days a week, leading to increased productivity and employee satisfaction. 

Paul Taylor, CEO and founder of Thought Machine, says: “It’s not all doom and gloom in the technology sector. While many businesses are cutting staff, we are not taking this approach. We are proud of our strategic and selective hiring approach, our focus on hiring the best people in the industry, and our company culture. All of which has put us in a position to grow in these uncertain market conditions.

“India, Japan, and South Africa are critical markets for our growth plans, and entering these regions is a significant milestone for the business. Our new Miami office is key to our ambitions in Latin America. We look forward to our success in these markets and further afield.”

Matt Wilkins, chief people officer of Thought Machine, says: “We have an intentional approach to growth at Thought Machine – one which ensures we retain our unique essence even as we scale globally. We are excited to build our Latin America presence with a Miami office and new hires in critically important markets.”

Last year, Thought Machine completed a Series D funding round – valuing the company at $2.7bn. Thought Machine’s current client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.

About Thought Machine

Thought Machine has developed the foundational layer of modern banking. Its cloud-native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more.

Vault Core has been written from scratch as an entirely cloud-native platform and gives banks full control to build any product required to flourish in a rapidly changing world. 

Thought Machine is currently a team of more than 550 people spread across offices in London, New York, Singapore, and Sydney, and has raised more than $500m in funding.

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