10x Future Technologies, a financial technology venture started by former Barclays CEO Antony Jenkins, has raised £132.5 million ($186.6 million USD) in a Series C round co-led by BlackRock and CPP Investment Board according to a press release.
The London-based company, founded in 2016 following Jenkins departure from Barclays in 2015, says it will use the investment to scale its platform to support the bank’s digital transition plans and to further expand into the U.S. and North America. Jenkins told CNBC that the company has come to a pivotal point where it wants to massively scale.
10x Future Technologies helps banks move from legacy systems to newer, cloud-based technology in a variety of systems, such as helping Nationwide with digital banking or Westpac in offering buy now, pay later or savings accounts.
“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 stated in the release.
The funding round gives 10x an approximate £500 million valuation and also included investment from JPMorgan, Nationwide, Ping An and Westpac. The company generated £52.4 million in 2019, four times the £13.5 million it made the previous year. In the same span, 10x shortened losses from £16.5 million to £2.3 million.
10x Future Technologies’ solutions include re-platforming for banks, migration to new systems and banking-as-a-service offerings, according to its website. The company’s SaaS solution, SuperCore, offers automation and elimination of waste work through infrastructure simplification and helps banks adapt to market changes for long-term growth.
Key competitors to 10x include Mambu, a Berlin-based SaaS company which recently raised funding at a $2.1 billion valuation in January and Thought Machine, a core banking platform founded by Google engineer Paul Taylor.
In recent fintech news, Novo closed a $40.7 million Series A to accelerate its small business banking platform. Brazilian cross-border commerce platform EBANX also secured $430 million in investment from Advent International ahead of a planned U.S. IPO.