FinTech: 10X, The Fintech Founded By Ex-Barclays Chief Antony Jenkins, Rakes In $187M To Scale Massively

June 16, 2021 | FinTech, News, Venture Capital

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.”

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…