Former Barclays boss secures £34m for FinTech start-up
10x Future Technologies, the financial technology firm founded by former Barclays chief executive Antony Jenkins, has raised £34m and agreed two new major partnerships.
The Series A funding round, said to be one of the largest ever in a European FinTech firm, was led by Chinese financial services giant Ping An with participation from global management consulting firm Oliver Wyman.
10x Future Technologies was launched in October 2016 with the aim of revolutionising financial services by helping banks and other institutions transform how they operate and engage with customers.
The company provides clients with a new digital platform that unifies their array of data systems, which can often be complex and cumbersome, into what it describes as “lean, future-proof architecture”.
"Technology is transforming the financial services industry much faster than many anticipated, and only the companies that can implement a truly digital business model that is responsive to their customers will prevail," founder and executive chairman Antony Jenkins said.
"In the future, you will bank with whoever makes your life easier, and 10x will be one of the catalysts of that change. With the new investment and our new partnerships, we can turbo-charge the development of a new type of platform that will make financial services quicker, cheaper and more secure than ever before. I am proud that this important new capability is being built here in the UK."
10x Future Technologies says it will continue to expand its team with top talent from both the technology and banking worlds, and has assembled “world-leading expertise” in data analytics and artificial intelligence as part of its team of financial services experts, technologists and creatives.
The company has invested heavily in the development of its proprietary design and data architecture, and is currently building a digital bank for Britain's Virgin Money for launch in 2018.
In addition to the fundraising, 10x Future Technologies is also embarking on major strategic partnerships with Ping An and Oliver Wyman.
The partnership with Ping An will aim to market the business' offering and capabilities in Asia, allowing it to expand into some of the largest and fastest-growing economies in the world.
The joint business development partnership with Oliver Wyman, a global management consulting firm with offices across nearly 30 countries, will help 10x Future Technologies to configure its paltform as it enters new markets.
Antony Jenkins was group CEO at Barclays until July 2015.