10x Future Technologies today announces the completion of 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 the cloud native 10x SuperCore™ platform.
“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe,” said Antony Jenkins, Founder, Chair and CEO of 10x Future Technologies.
“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.
Commenting on the investment, BlackRock Head of Innovation Capital William Abecassis said: “We have been impressed with 10x’s strategy and ambition to play a key role at the heart of transformations taking place in financial services, driven by technology innovation, consumer expectations and regulatory reform. We are excited to be 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 placed to change how big banks are built and deliver for their customers. 10x presents an attractive opportunity for a long-term investor like CPP Investments as we believe they will benefit from their exposure to the structural growth trend of financial institutions investing in digital initiatives and renewing core technology infrastructure, allowing banks to introduce new offerings and products much faster than using legacy platforms.”
10x clients include Nationwide, the largest building society in the world, and Westpac, Australia’s first and oldest bank, which is preparing to launch a Banking-as-a-Service (BaaS) platform powered by the 10x SuperCore™. 10x is working 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,” said Jenkins. “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.”
Banks face an increasingly complex set of internal and external challenges and opportunities, which is driving change. Within banks these include the cost of managing and maintaining restrictive legacy technology stacks, fragmented data and the challenge of launching new products and services quickly. These external challenges and opportunities are compounded by competition and innovation disruption by incumbents and challengers, regulatory reform, low interest rates and capital requirements. Above all, customers are demanding financial services which match the usability of the other digital products that have become central to their lives.
Lazard acted as sole financial advisor to 10x. DLA Piper acted as legal advisor.
About 10x Future Technologies
10x Future Technologies (10x) is a London-based financial technology company with 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 bank operating system.
With its secure, reliable, scalable and modular core banking platform, 10x supports highly customisable product behaviours and accounting rules, integrates with banks’ wider technology estates and harmonises with local and regional compliance and regulatory requirements. 10x enables banks to deliver products, services and customer experiences to retail and SME customers faster and more cost effectively.
10x was founded in 2016 by Antony Jenkins, former Group CEO of Barclays.