Top bracket investors participated in the funding.

Founded in 2016 by Antony Jenkins, former CEO of Barclays (LON: BARC), fintech 10X Future Technologies has raised $187 million from a clutch of bulge bracket investors. The firm’s oversubscribed Series C was co-led by BlackRock (NYSE: BLK) and Canada Pension Plan Investment Board (CPP Investments). Existing investors JPMorgan Chase (NYSE: JPM), Nationwide (LON: NBS), Ping An (SHA: 601318), and Westpac (ASX: WBC). (FT)

A person familiar with the transaction said it valued 10x at around £500m ($706 million). The valuation is up from £160m when 10X previously raised money in 2019.

10X banking platform

Nationwide is the largest building society in the world, while Westpac is Australia’s first and oldest bank. Westpac is gearing up to launch a Banking-as-a-Service (BaaS) platform powered by the 10x SuperCore product. It is a comprehensive banking platform built on cloud technology and empowers clients to deliver the next generation of financial services. APIs support seamless integration into industry-leading third-party platforms.

“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe,” said Jenkins, who is Chair and CEO of 10x. “With our microservices architecture and API-first design, our platform has been purposefully designed to enable the world’s largest banks to transform their customer experience and economics. Our vision is to reliably support more than one billion of their customers within the next 10 years,” Jenkins added.

10X is also developing systems for Nationwide. According to FT’s source, 10X has also been roped in to work on systems for JPMorgan’s new UK-based retail bank, which is due to launch later this year.

“Banks face an increasingly complex set of internal and external challenges and opportunities, which is driving change,” said 10X in a statement. “Above all, customers are demanding financial services which match the usability of the other digital products that have become central to their lives.”

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