JPMorgan Chase May Buy Stake in UK FinTech 10x Future Technologies

According to a report in Financial Times, JPMorgan Chase, the biggest US bank, is in discussions to invest in banking fintech 10x Future Technologies.

10X aims to steal a march on antiquated “core” banking technology by processing customer data quicker, thereby enabling the delivery of much cheaper banking services.

No information was available on the contours of the proposed transaction, if any.

Existing 10x investors

Nationwide Building Society bought a GBP15 million stake in 10x in March.

10x is now developing a digital platform for Nationwide’s current accounts.

Other investors are Ping An, a Chinese financial services group, and Oliver Wyman, the financial services consultancy.

Banking in an Uber moment

Mr Jenkins, 10x founder, believes new digital banks could challenge the traditional banking incumbents such as Lloyds and Barclays using advanced technology.