Thought Machine, a UK-based cloud-native banking technology company, has raised $160m through its Series D funding round, which was led by Temasek, an investment company based in Singapore.
The round had seen participation from Intesa Sanpaolo and Morgan Stanley.
Among the existing investors who participated in this round include Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
With this round, Thought Machine now has a valuation of $2.7bn, a 100% increase from its valuation at the close of its Series C round.
The Series C round was completed at the end of last year.
The company plans to use funds from the latest funding round for its global expansion plans by building on the success of its performance in New York, Singapore and Australia.
Thought Machine plans for further expansion in the Asia Pacific. It plans to grow in markets such as Vietnam, Thailand, Indonesia and the Philippines.
Recently, the company opened a new office in Sydney as part of its plan to expand its operations in Australia and is also opening a new office in Miami to provide its service to Latin America.
Thought Machine will also use proceeds from the investment round to continue investing in its technology by bolstering the capabilities of its core banking platform and launching new product lines.
Its investor Lloyds Banking Group has extended its licence agreement with the business until 2029.
This extension is part of Lloyds Banking Group’s technology modernisation programme.
Thought Machine has bolstered its executive team with the hiring of former Bank of America and Finastra finance executive Arnaud Attamian as chief financial officer, and former SAP and Box sales executive Dana Barisano as chief revenue officer.
Thought Machine founder and CEO Paul Taylor said: “This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world. We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products.”