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Lloyds Banking Group partners up with Thought Machine, takes up 10% stake

Lloyds Banking Group PLC partnered with financial technology firm Thought Machine to speed up its digitization and invested £11 million in the firm's £18 million series A funding round — giving the group a 10% stake in the fintech company.

Based in the U.K., Thought Machine is a growth stage technology company that develops a cloud-native next-gen banking platform called Vault as its core product. The platform aims to simplify the technical and operational complexity of banking.

Lloyds said it has been testing the platform and conducting proofs of concept to develop the capabilities of Vault since 2017 and will enter a "development and deployment" phase in 2019. The group added that the partnership is in line with its strategic review announced earlier in 2018.