UK fintech 10x raises $187M for building new services for old banks
A London-based fintech 10x Future Technologies helps established banks build tools and next-generation services to help older services work efficiently. It raised $188 million for this project.
A startup that’s building technology for helping incumbent players to compete better is announcing significant funding. Neobanks still gain more traction in the market with their modern takes on banking and various financial services.
10x will use these funds to expand into new geographies such as North America and build more technology for its platform. SuperCore is an all-in-one system to run a wide range of banking services, including payments, mortgages, core banking, analytics, marketing, and security. In this platform, 10x’s bank customers are able to integrate with their existing tech by APIs, or 10x can also use it to build new services for those clients.
This Series C is with heavy hitters that prove the credibility 10x picked up in its past years. The pension Plan Investment Board and a Co-led by BlackRock include existing investors such as Ping An, Nationwide, JPMorgan Chase, and Australia’s Westpac. The latter four have strategic backers, such as the founder and CEO of 10x Antony Jenkins, who worked at big banks.
Other details on the project
As customers, the company has two other banks that are not disclosing yet. However, Jenkins added that it would be leading soon. He said some of the company’s engagements are already live on the platform, and some others will launch soon.
New-generation fintech providers, including Neobanks, are slowly taking away at incumbent banks’ holdings on business and consumer banking. They are typically doing this by joining together suites of modern and traditional banking services by APIs from other fintechs. Also, machine-learning algorithms for personalized services to customers and modern interfaces.
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