LONDON – (BUSINESS WIRE) – Nov. June 2021–
10x Future Technologies today announced the completion of an oversubscribed Series C financing round of $ 187 million led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and from existing investors JPMorgan Chase , Nationwide, Ping An and Westpac are supported.
The London-based technology company will use the funding to support its expansion plans into new markets, including North America, as well as further investments in the development of the cloud-native 10x SuperCore ™ platform.
“This funding round marks another significant milestone in our journey to become the operating system of choice for leading banks around the world,” said Antony Jenkins, Founder, Chairman and CEO of 10x Future Technologies.
“With our microservices architecture and API-first design, our platform was specifically developed to enable the world’s largest banks to change their customer experience and their profitability. Our vision is to reliably serve more than a billion of their customers within the next 10 years, ”added Jenkins.
Commenting on the investment, William Abecassis, Head of Innovation Capital at BlackRock, said, “We were impressed with 10x’s strategy and ambition to play a key role at the center of financial services transformations driven by technological innovation, consumer expectations and regulatory reforms. We look forward to investing in the business as it scales into new markets. “
Leon Pedersen, Managing Director and Head of Thematic Investing, CPP Investments, said: “10x is very well positioned to change the way big banks are built and serve their customers. 10x offers an attractive opportunity for a long-term investor like CPP Investments as we believe they will benefit from their involvement in the structural growth trend of financial institutions investing in digital initiatives and renewing the core technology infrastructure, allowing banks to bring new offerings and products a lot introduce faster than using legacy platforms. “
10x customers include Nationwide, the largest building society in the world, and Westpac, Australia’s first and oldest bank preparing to launch a Banking-as-a-Service (BaaS) platform with the 10x SuperCore ™. 10x works with world class banks around the world and recently started working with a major bank in an additional region to conduct a greenfield transformation project.
“Our investors are focused on industries that technology will transform and companies that will dominate that space,” said Jenkins. “We look forward to scaling our business to provide the innovative approach our customers need to transform the way they enable their customers to bank, make payments, buy and borrow.”
Banks are facing an increasingly complex set of internal and external challenges and opportunities that drive change. In banks, this includes the cost of managing and maintaining restrictive legacy technology stacks, fragmented data, and the challenge of getting new products and services to market quickly. These external challenges and opportunities are compounded by disruptions to competition and innovation from established companies and challengers, regulatory reforms, low interest rates and capital requirements. Above all, customers are demanding financial services that match the user-friendliness of the other digital products that have become central to their lives.
Lazard acted as the sole financial advisor to 10x. DLA Piper acted as legal advisor.
Over 10x future technologies
10x Future Technologies (10x) is a London-based financial technology company on a mission to move banks from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud-native SaaS banking operating system.
With its secure, reliable, scalable and modular core banking platform, 10x supports highly adaptable product behavior and accounting rules, can be integrated into the broader technology portfolio of banks and harmonises with local and regional compliance and regulatory requirements. 10x enables banks, private and SME customers to provide products, services and customer experiences faster and more cost-effectively.
10x was founded in 2016 by Antony Jenkins, the former Group CEO of Barclays.
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SOURCE: 10x future technologies
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PUB: 16.06.2021 03:00 / DISC: 16.06.2021 03: 0202
Copyright Business Wire 2021.