London-based fintech firm 10x Future Technologies, founded by ex-Barclays CEO Antony Jenkins, has raised $187m (£132m) in its series C funding round as digital banking gains more traction.
Founder and CEO of 10x, Antony Jenkins, ventured into the digital banking sphere after departing the bank six years ago.
The firm’s valuation with this round is in the range of $700m, according to sources close to the company, TechCrunch first reported.
“The legacy systems are where banks’ issues sit because they are all architected around product, not customers,” Jenkins said. “But we believe that the industry is ready to contemplate the process of migration now.”
The pandemic pushed the pedal on digital banking and fintech firms, which were already increasing in popularity before Covid.
The swelling popularity has matched the capital behind firms like 10x, whose funding round was co-led by investment heavyweight BlackRock and Canada Pension Plan Investment Board, also known as CPP Investments.
The fintech firm has also been backed by investors at JPMorgan Chase, Nationwide, Ping An and Australia’s Westpac.
10x seeks to help larger and more established banks build on their fintech services as well as offer tools to help their older services work more efficiently.
The new fiscal backing will be used to expand into North America, as well as to continue building more technology for its platform all-in-one banking system SuperCore.