Former HSBC Group COO Andy Maguire Joins Thought Machine as New Chair
Thought Machine, the cloud native core banking technology company today announces the appointment of Andy Maguire as Chair. Maguire, former Group Chief Operating Officer of HSBC, joins Thought Machine effective immediately. At HSBC, Maguire led the bank’s IT, business operations, change support, procurement and real estate services. Prior to HSBC, Maguire was Boston Consulting Group’s managing partner for the UK and Ireland, and a member of their global executive committee.
Maguire’s appointment comes at a time of significant momentum for Thought Machine, which recently closed its series B round at $125m, the fourth largest fundraising round in UK fintech this year. Furthermore, Thought Machine has added more than 150 employees in 2020 and has made a number of key senior hires in Q2 including Nicole Jude as Chief People Officer. Nicole recently led HR and people functions at Diligent Corporation and Bloomberg.
The appointment of Maguire happens against the backdrop of banks around the world increasingly demanding future-proof core banking infrastructure. Thought Machine will be announcing a number of new clients in the coming months. As the company pursues its internationalisation strategy, Thought Machine is strengthening its board with Maguire’s experience in driving banking transformation at HSBC, a world-leading financial institution serving more than 40 million customers in more than 64 countries.
Maguire will take over from Richard Little, software entrepreneur, angel investor and non executive director in software and technology businesses. Little has chaired Thought Machine since 2016, overseeing its growth from 40 employees to more than 400 today. His experience in growing software businesses has been invaluable in guiding Thought Machine’s expansion into new overseas markets and going live with several leading banks.
Founded in 2014 by Google engineer Paul Taylor, Thought Machine is delivering cloud native core banking technology to leading banks around the world. Currently Thought Machine names Lloyds Bank, Standard Chartered, Atom bank and SEB as customers.
Andy Maguire, newly appointed Chair of Thought Machine, says:
“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.”
Paul Taylor, CEO and Founder of Thought Machine, comments:
“I am delighted that a person of Andy Maguire’s calibre has joined Thought Machine. As we expand our market share, Andy’s skill set and experience in driving HSBC’s infrastructural and operational strategy will be critical in creating material value for the business. As the world navigates the new economic environment, resilient and agile core banking infrastructure has never been more important to banks needing to adapt and serve customers. I look forward to working with Andy closely as Thought Machine meets this demand and aggressively pursues our international growth plans over the coming years.”
-- ENDS --
About Thought Machine
Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.
Founded by entrepreneur Paul Taylor, Thought Machine’s customers include Lloyds Banking Group, SEB, Standard Chartered and Atom bank. We are currently a team of more than 400 people spread across offices in London and Singapore and have raised more than £110m in funding from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Lloyds Banking Group and Backed. For more information visit thoughtmachine.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200923005073/en/
Contact information
Head of Communications
Asif Faruque
asif@thoughtmachine.net
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Five Highlights at the 26 th Yiwu Fair to Attract 50,000 Global Merchants22.10.2020 16:25:00 CEST | Press release
The 26th China Yiwu International Commodities (Standards) Fair ("Yiwu Fair") was opened on October 21 at Yiwu International Expo Center. The event, which will last till October 25, is expected to attract over 50,000 businessmen worldwide with these five highlights that can’t be missed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022005798/en/ Highlight 1: Encouraging online and offline trade Due to the COVID-19 pandemic, exporters are facing great challenges this year. Therefore, Yiwu Fair 2020 invited more foreign business organizations and their representative offices in China. Around 10 delegations with 1,600 foreign businessmen in China are expected to attend. And online trade matchmaking meetings targeting Malaysia, the United Kingdom, Chile, etc. will allow exhibitors to connect with oversea traders online while meeting on-site foreign traders. Meanwhile, matchmaking meetings will also be held to help exhibitors
Hilton Effect Foundation Reveals 2020 Grants and Achieves $1 Million in Global COVID-19 Community Response Efforts22.10.2020 16:00:00 CEST | Press release
The Hilton Effect Foundation announced today its 2020 Hilton Effect grantees, which include community-based organizations playing a direct role in COVID-19 pandemic recovery efforts. Through these grants and donations already made by the Foundation, which serves as Hilton’s primary philanthropic arm, the Foundation has now awarded more than $1 million dollars in COVID-19 community response efforts. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022005724/en/ Hilton Effect Foundation reveals 2020 grants and achieves $1 million in global COVID-19 community response efforts. (Graphic: Hilton Effect Foundation) “A core part of the Hilton Effect Foundation’s work is to support our communities around the world through both good times and bad,” said Kate Mikesell, president, Hilton Effect Foundation. “From the very start of the pandemic, we have been listening to community leaders about the direct and indirect challenges they ar
Smiths Detection Inc. receives a $90.8M IDIQ contract to manufacture Joint Chemical Agent Detector Adapter for US Department of Defense22.10.2020 16:00:00 CEST | Press release
Smiths Detection Inc. (SDI), a global leader in threat detection and security screening technologies, announced it will initiate manufacturing of the Solid Liquid Adapter (SLA) following an indefinite delivery/indefinite quantity (IDIQ) award, worth potentially $90.8M over a maximum nine (9) year ordering period, with the US Department of Defense (DoD). The SLA adds new and expanded detection and identification capabilities to Joint Chemical Agent Detectors (JCAD), one of the DoD’s largest chemical detection programs in history. JCAD fitted with an SLA (JCAD SLA) gives the SLA operator the ability to both test for illicit drugs, including opioids such as fentanyl, and detect explosive compounds – without compromising the conventional chemical warfare agent detection capability of the JCAD. Speaking about the newly developed technology, Smiths Detection Inc. President, Shan Hood, said, “The SLA leverages existing technology, extending both capabilities and the life-cycle of widely deplo
Andersen Global Adds Chancery Chambers to Caribbean Platform22.10.2020 15:30:00 CEST | Press release
Continuing to add breadth to the organization’s coverage in the eastern Caribbean region, Andersen Global enters into a Collaboration Agreement with legal firm Chancery Chambers in Barbados. Founded by Partner Sir Trevor Carmichael, Chancery Chambers is ranked Band 1 by Chambers and Partners and has substantial public and private sector experience at the national and international level. The firm’s full-service capabilities include national and international arbitration, corporate and commercial, employment law, banking and finance, aviation law, environmental law, intellectual property, insurance, M&A and real estate, specializing in tax advisory, corporate advisory and litigation. “We remain dedicated to being a benchmark organization for quality and best-in-class client solutions, and we believe the best way to accomplish this is by investing in our people and in our firm,” Sir Trevor said. “We are focused on the future and laying the groundwork for the next generation. Our collabor
Moody’s Retires Green Bond Assessment Product in Light of Market-Leading Second - Party Opinion Service Available from its Affiliate Vigeo Eiris22.10.2020 15:18:00 CEST | Press release
Moody’s announced today that it has retired its Green Bond Assessment (GBA) product in light of the market-leading Second-Party Opinion (SPO) Service for sustainable bonds provided by its affiliate Vigeo Eiris (VE). This move follows the recently announced formation of the Moody’s ESG Solutions Group and last year’s expansion of Moody’s ESG capabilities with investments in VE, a global pioneer in ESG assessments, data, tools and sustainable finance; and Four Twenty Seven, a leader in climate risk analysis. VE offers a range of leading sustainable finance solutions, including a recently-enhanced SPO service for green, social, sustainability, and transition bonds as well as issuer sustainability ratings that provide an in-depth and forward-looking evaluation on a company’s sustainability credentials. In view of VE’s market-leading SPO product, Moody’s Investors Service (MIS) has retired the GBA product and has withdrawn all outstanding GBAs today. “The sustainable bond market has been on
IAVI, Merck, and Serum Institute of India Join Forces to Develop Monoclonal Antibodies for COVID-19 and Ensure Prompt and Equitable Global Access22.10.2020 15:00:00 CEST | Press release
Today, IAVI, a nonprofit scientific research organization dedicated to addressing urgent, unmet global health challenges, and Serum Institute of India Pvt. Ltd., a leading manufacturer of vaccines and biologics, announced an agreement with Merck, a leading science and technology company, to develop SARS-CoV-2 neutralizing monoclonal antibodies (mAbs) co-invented by IAVI and Scripps Research as innovative interventions to address the COVID-19 pandemic. The agreement builds on the advanced antibody discovery and optimization expertise of IAVI and Scripps Research, gained from years of experience in HIV broadly neutralizing antibody research and development, and on Merck’s and Serum Institute’s significant capabilities in design and scale up of accelerated manufacturing processes for mAb production. The global development plan is being led by the three organizations in partnership. The two companies have broad networks across complementary geographic areas that will be crucial to reach gi