10x raises $187m to build new services for old banks
As so-called neobanks continue to gain more traction in the market with their more modern takes on banking and other financial services, a startup that's building technology to help incumbent players better compete is announcing a big round of funding.
10x Future Technologies, a Londonbased fintech that helps larger, established banks build both next-generation services as well as tools to help their older services work more efficiently, has raised $187 million.
We understand from sources close to the company that 10x's valuation with this round is in the range of $700 million.
10x will be using the funds both to expand into new geographies like North America, as well as to continue building more technology for its flagship platform.
SuperCore, as that platform is called, is an all-inone system built from scratch to run a wide range of banking services such as payments, core banking, mortgages, analytics, security and marketing, which 10x's bank customers can integrate into their existing tech by way of APIs, or 10x can use to build those clients new services from the ground up.
This Series C round is full of heavy hitters that speak to the credibility 10x has picked up in its five years in the market. Co-led by BlackRock and Canada Pension Plan Investment Board (CPP Investments), it also includes existing investors JPMorgan Chase, Nationwide, Ping An and Australia's Westpac.
The latter four include strategic backers: Antony Jenkins, the founder and CEO of 10x who himself used to work at big banks (his last role was CEO of Barclays, and although he left under a cloud, his prominence and track record are likely reasons for the company's clout).