Thought Machine taps Cognizant for new managing director
Core banking provider, Thought Machine, has snapped up Mark Vasey from the consultancy firm, Cognizant, to be its new managing director.
Mark Vasey, new managing director at Thought Machine
Vasey stepped into his new role this month after four years at Cognizant as its head of banking and financial services consulting in the UK and Ireland.
Vasey also spent seven years at BNY Mellon’s Pershing clearing house subsidiary, leaving as director for wealth and private clients in 2015.
Founded in 2014, Thought Machine offers a cloud-based core banking system dubbed Vault. The system has been deployed at Lloyds, Standard Chartered, SEB, and UK challenger Atom Bank.
Thought Machine raised $83 million in a Series B funding round back in March, which the firm said it would be putting towards an expansion into markets outside of Europe.
It has already gone some way to achieving that goal, having opened a Singapore office in 2019 to offer Vault in Asia Pacific markets.
The firm is planning a North American presence in 2020 and has floated expansion plans to both Australia and Japan.
Paul Taylor, CEO and founder of Thought Machine, said at the time of its funding that the firm’s purpose has been “to offer banks a next-generation solution to liberate them from legacy systems which plague the financial services industry.”
