Thought Machine appoints former HSBC exec Andy Maguire as the new Chair

By Megha Bhattacharya

Thought Machine today announced the appointment of Andy Maguire as Chair. Maguire will be replacing Richard Little. He was previously the Group Chief Operating Officer at HSBC and was responsible for leading the bank’s IT, business operations, change support, procurement and real estate services. He also held the role of the Managing Partner for the UK and Ireland at Boston Consulting Group.

Andy Maguire, newly appointed Chair, said, “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.”

The company stated that it will be announcing a number of new clients in the coming months. It recently closed its Series B round at $125 million.

Paul Taylor, CEO and Founder of Thought Machine, commented, “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.”

IBS Intelligence recently reported that UK-based payment processor Paymentology and Thought Machine are working together in a bid to bring rapid integration solutions to established and challenger banks. The companies have previously worked together delivering a direct payment processing integration into Thought Machine’s Vault developing a future banking module that removes the need for middleware.