Brazil-based card issuing and banking-as-a-service software platform Conductor has received an additional $20m funding from Singaporean investment firm Temasek.

Last month, the firm raised $150m in a private funding round.

The funding round was led by Viking Global Investors and also joined by Advent International’s affiliate Sunley House Capital.

The fresh infusion adds to the firm’s latest funding round, raising it to $170m.

The firm will use the capital to speed up product development and international growth.

Conductor CEO Antonio Soares said: “The calibre of the investors that have joined our journey reflects the quality of our business and demonstrates that we are on the right path. We are very happy to be adding Temasek to this select group.

“This round enables us to continue moving firmly and aggressively towards our vision of delivering the future of digital commerce enablement and democratizing digital payments.”

Conductor serves fintechs, banks, retailers, and enterprises in Latin America and allows them to launch digital accounts and card programmes.

The firm, whose original institutional investors include Riverwood Capital and Visa, is said to power more than 85 million accounts and process over $20 billion in payment volume across the region.

Earlier this year, Conductor collaborated with ACI Worldwide to expand into the acquiring processing market.

Under the partnership, Conductor will leverage ACI’s cloud-enabled solutions powered by Microsoft Azure, namely, UP Retail Payments and UP Payments Risk Management.