A fintech helping banks enter the cloud hits $1 billion valuation in JPMorgan-backed investment

British fintech start-up Thought Machine has raised $200 million in a fresh round of funding that lifts its valuation above the coveted $1 billion mark.

The cash injection was led by Nyca Partners, a U.S.-based venture capital firm that has previously bet on companies including Affirm and Revolut, with additional backing coming from major lenders including JPMorgan ChaseStandard Chartered and ING.

Existing investors Lloyds Banking GroupEurazeo, and SEB also increased their holdings.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine says its software helps big banks move away from legacy IT infrastructure to a modern, cloud-based platform.