Thought Machine to add Intesa Sanpaolo as shareholders, in a £40 million equity contribution deal.

Thought Machine, a London, UK-based SAAS developer for banks, announced getting into an investment agreement closed at £40 million ($54M).

The money was raised from the Italian bank Intesa Sanpaolo, which joins banks such as JPMorgan Chase, ING, Standard Chartered, SEB and Lloyds as shareholder in the company.

Part of the investment agreement, Intesa Sanpaolo has also indicated an intention to extend Thought Machine’s core banking platform into the group’s wider infrastructure, replacing mainframe-based technology and moving to cloud infrastructure.

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 $200 million Series C round led by Nyca Partners, and a $83 million series B funding round led by Draper Esprit which was extended with $42 million 6 monthas later.