Thought Machine to boost headcount by 23% amid tech downturn

London-based fintech Thought Machine has announced a major hiring plan, with the unicorn company looking to grow its global headcount by 23%.

Thought Machine is a software firm that specialises in cloud-based banking tech. The company offers its cloud software to various financial institutions. The fintech hit a £2.2bn valuation in May 2022 after an investment boost from Morgan Stanley.

The addition of 125 new staff to its current global headcount of 550 will go largely towards the company’s London engineering team. Thought Machine will, however, also be creating jobs in India, Japan, and South Africa.

The banking software provider is also preparing for the opening of a new office in Miami. It also has offices in New York, Singapore, and Sydney, as well as its London HQ.

The expansion of the Thought Machine team comes at a time when many tech companies have been forced to downsize amid a difficult industry downturn.

Thought Machine, however, appears to have avoided the worst of the downturn, unlike fellow UK fintech Paddle, which cut 8% of its staff back in January.

Paddle is far from an anomaly this year. In just two months tech companies have cut thousands of jobs, including at Deliveroo and HR tech startup Beamery.

“It’s not all doom and gloom in the technology sector. While many businesses are cutting staff, we are not taking this approach,” said Thought Machine founder and CEO Paul Taylor.

“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.”

Thought Machine isn’t the only company that’s bucked the tech layoff trend. Starling Bank and Revolut have both announced major hiring sprees this year.

The post Thought Machine to boost headcount by 23% amid tech downturn appeared first on UKTN | UK Tech News.

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