UK cloud banking FinTech Thought Machine has closed its series D funding round with a valuation of $2.7 billion.

The company is now worth 100 per cent more than it was in its previous funding round, which completed at the end of last year.

The round was led by Singapore-headquartered investment company Temasek, with participation from Morgan Stanley and Intesa Sanpaolo. Other investors included ING, JPMorgan Chase, Lloyds Banking Group, Eurazeo, and SEB.

The British firm says that the money will be spent on continuing its global expansion plans, building on what it describes as the success of its “strong performance” in New York, Singapore, and Australia.

The FinTech has plans for further expansion in Asia Pacific, expanding to Vietnam, Thailand, Indonesia, and the Philippines.

“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,” said Paul Taylor, founder and chief executive, Thought Machine. “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.”

Thought Machine will also use the funding to further invest in technology both across its existing core banking platform and new product lines.

Lloyds Bank, which was an early investor in the business, has extended its licence agreement with the business until 2029 as part of its tech modernisation programme.

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