British banking major Lloyds Banking Group has made an investment of £11m ($14.4m) in fintech firm Thought Machine.

The investment, which provides the bank 10% stake in Thought Machine, was a part of the firm’s Series A funding round.

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Lloyds fintech investment

In addition, Lloyds has entered into a strategic partnership with Thought Machine to support digital transformation of its business.

The Lloyds fintech investment is said to be aligned with the firm’s Strategic Review, announced earlier this year.

Lloyds group director for transformation Zak Mian 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.”

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Thought Machine is engaged in the development of new banking technology. Its flagship product Vault is a cloud-based banking platform that aims to simplify the operational complexity of banking.

Since last year, both the entities have been engaged in carrying out extensive testing of Vault platform.

Lloyds is expected to start the deployment of this new platform from next year. It will enable the bank to provide customised products to the customers as well as expedite development cycles.

Thought Machine CEO and founder Paul Taylor said: “We are delighted to announce this partnership with Lloyds.

“Lloyds has shown a deep commitment to embrace the opportunities that new technologies can bring in improving customers’ banking experience and it is a pleasure to take this partnership forward.”