Cloud banking technology provider Thought Machine has raised $200m in a Series C round of funding, which gave the firm status of a unicorn.

Venture capital firm Nyca Partners led the round with participation from Thought Machine’s banking clients’ investment arms – ING Ventures, JPMorgan Chase, and Standard Chartered Ventures.

Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital also participated in the round.

Thought Machine will use the funding to develop and expand its cloud banking offering Vault and Universal Product Engine.

The proceeds will also be used to expand the technology vendor’s global reach, targeting new key markets and bolstering its five global offices.

Thought Machine CEO and founder Paul Taylor said: “We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”

Nyca Partners managing partner Hans Morris said: “Thought Machine is the leading technology among the new generation of cloud-native core platforms, and as a result, it has become the top choice for tier one banks looking to upgrade their core architecture.”

Standard Chartered head of SC Ventures Alex Manson said: “The deployment of Thought Machine is tied to our digital banking strategy, as we have adopted Thought Machine as the core banking software for our digital banks in Singapore and Hong Kong.”

In March 2020, Thought Machine raised $83m in series B funding.