Thought Machine plans to boost headcount by 20% in 2023
Core banking vendor Thought Machine is to increase its global headcount by more than 20% this year, making 125 new hires over the course of 2023.
The firm intends to hire across India, Japan and South Africa for the first time, although most of the new intake will join Thought Machine’s engineering team in its London headquarters.
As well as a hiring spree, Thought Machine’s expansion plans also include opening a new office in Miami, Florida, USA.
The fact that Thought Machine intends to hire more staff, rather than embark on a round of job cuts, is welcome news for the fintech industry.
Although Thought Machine made 200 hires during the first Covid-19 lockdown in 2020, the firm says it operates a “selective hiring process” that ensures roles critical to the company are filled “without overhiring”.
Mass layoffs have dominated the news since the end of the pandemic, with many fintechs shedding staff as they look to navigate gloomy macroeconomic conditions and revert back to pre-pandemic levels of staffing.
African paytech Chipper Cash, buy now, pay later fintech Affirm, crypto firm Luno, US financial services giant Capital One and digital lending platform LendingClub are among some of the most recent firms to axe jobs.
Paul Taylor, CEO and founder of Thought Machine, says: “It’s not all doom and gloom in the technology sector. While many businesses are cutting staff, we are not taking this approach.
“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.”
In May last year, the core banking software vendor closed a Series D funding round worth $160 million, valuing the company at $2.7 billion.