/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.
10x Future Technologies set for £500 million valuation on projected £130 million raise

10x Future Technologies set for £500 million valuation on projected £130 million raise

10x Future technologies, the banking technology firm set up by former Barclays chief Antony Jenkins, is close to sealing a £130 million funding round that will value the firm at £500 million.

Citing an investor briefed on the deal, Sky News reports that world's biggest asset manager BlackRock is poised to take a significant stake in the firm, which built the core technology platform for JPMorgan's UK digital bank and provided the backbone for Westpac's recently released banking-as-a-service offering.

The capital-raise will be the first for 10x since a £32m equity injection in the first half of 2019, which included a £15 million investment from the UK's Nationwide Building Society. Westpac is also understoood to have taken a minority stake in the business in November 2019.

Alongside BlackRock, the Canada Pension Plan Investment Board, one of the country's biggest retirement schemes, is also injecting capital as part of the £130 million round.

Jenkins is expected to hold a stake of approximately 40% in the company, worth more than £200m, after the fundraising.

Comments: (1)

Gian Mahil
Gian Mahil - e Fraud Detect - London 10 June, 2021, 10:53Be the first to give this comment the thumbs up 0 likes

Congratualations Anthony and the team!

Trending