Thought Machine to expand headcount 20%, mostly in London

Layoffs have become an all too common feature of the fintech landscape over the past twelve months for many - but by no means all - scaleups.

Thought Machine, which provides cloud-native core banking technology to a roster of large incumbent banks, for example, is plotting an expansion of its workforce increasing its global headcount by over 20 per cent. 

Most of the new hires - about 125 people - will join in engineering roles in its HQ city London. However, it will also open a new office in Miami - to meet demand from Latin America - this year as well as make its first hires in India, Japan, and South Africa

Aside from London, Thought Machine operates bases in New York, Singapore, and Sydney.

After a big expansion of 200 new hires during the 2020 lockdown, Thought Machine wants to expand beyond its current 550 people.

Thought Machine’s growth, the company says, owes a lot to a “selective” hiring process that “ensures critical roles are added to the business without overhiring”.

“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,” said Paul Taylor, CEO and founder of Thought Machine.

“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,” he added.

Thought Machine, which counts Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaia, Intesa Sanpaolo, Lunar, and Atom bank, among its clients, completed a Series D funding round last year that valued the company at $2.7bn.