Lloyds Banking Group entered into strategic partnership and acquired 10% stake in Thought Machine for £11m

Lloyds Banking Group entered into strategic partnership with Thought Machine, an innovative fintech company, to accelerate the digital transformation of the bank’s business. Thought Machine has been developing innovative banking technology with the potential to bring significant improvements to the Group’s customers. This partnership is in line with Lloyds’ Strategic Review, announced earlier this year, and is consistent with its ongoing drive to enhance the customer experience, become more agile, and build on its market-leading efficiency. In conjunction with this partnership, Lloyds has made an £11m investment in Thought Machine, representing a 10% stake, as part of its ‘Series A’ £18m investment round. Lloyds will continue to look at further investment opportunities to help accelerate the delivery of the ambitious transformation programme. Zak Mian, Group Director, Transformation, Lloyds Banking Group, said: “A key part of our recently launched three-year strategic plan is applying technology innovation to meet our customers’ evolving needs. I’m really excited to work with the Thought Machine team to explore ways to simplify and enhance our IT architecture and helping on our journey to make banking easy and simple for customers.”