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10x Future Technologies seals $187 million funding round

10x Future Technologies seals $187 million funding round

10x Future technologies, the banking technology firm set up by former Barclays chief Antony Jenkins, has sealed an oversubscribed $187 million Series C financing round, co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and supported by existing investors JPMorgan Chase, Nationwide, Ping An and Westpac.

The London-based technology company will use the funding to support its expansion plans into new markets, including North America, as well as further investment into the development of its cloud native 10x SuperCore platform.

Says Jenkins: “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."

10x customer roster currently includes JPMorgan Chase, Nationwide and Westpac. The firm says it is currently in discussion with with top-tier banks globally and has recently begun working with a major bank in an additional geography to deliver a greenfield transformation project.

“Our investors are focused on industries that are going to be transformed by technology and companies that will be dominant players in that space,” says Jenkins, who has been an outspoken critic of incumbent banks since his ousting from Barclays in 2015. “We look forward to scaling our business in delivering the cutting-edge approach our clients need to transform the way they enable their customers to bank, pay, buy and borrow.”

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