Thought Machine closed a $200 million Series C round led by Nyca Partners.

Thought Machine, a London, UK-based SAAS developed for banks, announced the completion of a $200 million series C funding round.

The money was raised from investors led by the American late stage investors Nyca partners, joined by new institutional investors ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures. Lloyds Banking Group, which led Thought Machine’s Series A, has also participated in the latest raise, together with British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.

Thought Machine will be using the funding to continue developing and expanding Vault. The firm intends to further develop Vault and its Universal Product Engine, which allows for unparalleled flexibility in product development and configuration. The company will expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.

Thought Machine, founded in 2014 by former Google engineer Paul Taylor, built a product called Vault, a cloud-native core system specifically designed for banks constrained by legacy tech. The company also announced working on an ‘advanced payments solution'.

Thought Machine, previously raised a $83 million series B funding round led by Draper Esprit which was extended with $42 million 6 monthas later.