Cloud-based core banking technology firm Thought Machine has raked in $83m in series B funding to drive global growth.

The funding round was joined by the company’s existing investors Lloyds Banking Group, IQ Capital, Backed, and Playfair Capital.

IQ Capital invested £15m from its £100m growth fund.

The firm will use the funding to foray into the Asia Pacific region by deploying modern cloud-native systems and continue investing in its core engineering capability.

The company has built a 100% cloud-based core banking solution. Dubbed Vault, the solution enables challenger banks to deliver high levels of scalability, resilience and security.

The latest funding follows Thought Machine opening a unit in Singapore, which offers sales, marketing, and professional services. It also oversees the deployments of Vault into banks in the region.

Thought Machine also plans to enter Australia and Japan and North America markets later this year.

Founded in 2014 and headquartered in London, the company has grown its team from 50 in 2018 to more than 300 today.

Thought Machine’s clients include Lloyds Banking Group, Standard Chartered, SEB, and Atom Bank.

Thought Machine founder and CEO Paul Taylor said: “For the past six years, our purpose has been to offer banks a next-generation solution to liberate them from legacy systems which plague the financial services industry.

“Thought Machine’s revenues are very healthy, as we see cloud native banking become the most common desired target architecture for the world’s banks.

In October 2019, Swedish banking group (SBG) selected Thought Machine’s core banking platform Vault as part of a technology exploration.

In November 2018, British banking giant Lloyds Banking Group invested £11m ($14.4m) in Thought Machine in a Series A funding round.