Saturday 5 June 2021 11:40 am

Former Barclays boss in line for £200m windfall as Blackrock takes 10x stake

Former Barclays boss Antony Jenkins is said to be on the brink of a deal that will see his personal wealth surge by £200m as Blackrock funds close in on his new fintech venture.

Jenkins, who was ousted as chief executive of Barclays in 2015, is close to selling a stake in 10x Future Technologies to the world’s largest asset manager.

The deal, which will value the company at more than £500m, could be announced within weeks, Sky News reported.

Blackrock’s investment is set to form part of a £130m funding round, which will also be backed by the Canada Pension Plan Investment Board.

Jenkins is expected to hold a stake of roughly 40 per cent in the fintech firm, worth more than £200m.

If confirmed, the deal will crystallise a successful turnaround for the former Barclays chief, who was brought in to the lender in 2012 to help rebuild its reputation in the wake of the Libor rate-rigging scandal.

But he was pushed out just three years later amid concerns his efforts to overhaul the lender were not happening quickly enough.

Jenkins founded 10x, which offers cloud-based banking platforms, a year after his departure in an effort to cash in on the shift to digital lending services.

The fundraising will be the company’s first since 2019. Its existing investors include JP Morgan, Nationwide and Chinese insurance giant Ping An.

The deal will transform Jenkins into one of Britain’s wealthiest fintech entrepreneurs.

He also sits on the Bank of England’s Prudential Regulation Committee and the board of US mortgage provider Fannie Mae. He also chairs Currencies Direct and is a director of fintech unicorn Blockchain.

Blackrock and 10x have been contacted for comment.

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