10x Future Technologies announces $187m Series C funding

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Fundraising will help 10x’s plans to scale its platform to 1 billion end-user prospects worldwide inside subsequent decade

Funds and accounts managed by BlackRock and CPP Investments co-led oversubscribed funding spherical with help from current traders

LONDON — 10x Future Applied sciences immediately publicizes the completion of an oversubscribed $187 million Collection C financing spherical, co-led by funds managed by BlackRock and Canada Pension Plan Funding Board (CPP Investments) and supported by current traders JPMorgan Chase, Nationwide, Ping An and Westpac.

The London-based know-how firm will use the funding to help its enlargement plans into new markets, together with North America, in addition to additional funding into the event of the cloud native 10x SuperCore™ platform.

“This funding spherical represents one other vital milestone in our journey to turn into the working system of selection for main banks throughout the globe,” stated Antony Jenkins, Founder, Chair and CEO of 10x Future Applied sciences.

“With our microservices structure and API-first design, our platform has been purposefully designed to allow the world’s largest banks to rework their buyer expertise and economics. Our imaginative and prescient is to reliably help a couple of billion of their prospects inside the subsequent 10 years,” Jenkins added.

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Commenting on the funding, BlackRock Head of Innovation Capital William Abecassis stated: “Now we have been impressed with 10x’s technique and ambition to play a key position on the coronary heart of transformations going down in monetary providers, pushed by know-how innovation, shopper expectations and regulatory reform. We’re excited to be investing within the enterprise because it scales into new markets.”

Leon Pedersen, Managing Director and Head of Thematic Investing, CPP Investments stated: “10x may be very properly positioned to alter how massive banks are constructed and ship for his or her prospects. 10x presents a pretty alternative for a long-term investor like CPP Investments as we consider they may profit from their publicity to the structural progress development of monetary establishments investing in digital initiatives and renewing core know-how infrastructure, permitting banks to introduce new choices and merchandise a lot sooner than utilizing legacy platforms.”

10x shoppers embrace Nationwide, the most important constructing society on the earth, and Westpac, Australia’s first and oldest financial institution, which is making ready to launch a Banking-as-a-Service (BaaS) platform powered by the 10x SuperCore™. 10x is working with top-tier banks globally and has not too long ago begun working with a serious financial institution in an extra geography to ship a greenfield transformation mission.

“Our traders are centered on industries which can be going to be reworked by know-how and firms that can be dominant gamers in that area,” stated Jenkins. “We sit up for scaling our enterprise in delivering the cutting-edge strategy our shoppers want to rework the best way they allow their prospects to financial institution, pay, purchase and borrow.”

Banks face an more and more complicated set of inner and exterior challenges and alternatives, which is driving change. Inside banks these embrace the price of managing and sustaining restrictive legacy know-how stacks, fragmented information and the problem of launching new services and products rapidly. These exterior challenges and alternatives are compounded by competitors and innovation disruption by incumbents and challengers, regulatory reform, low rates of interest and capital necessities. Above all, prospects are demanding monetary providers which match the usability of the opposite digital merchandise which have turn into central to their lives.

Lazard acted as sole monetary advisor to 10x. DLA Piper acted as authorized advisor.

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About 10x Future Applied sciences

10x Future Applied sciences (10x) is a London-based monetary know-how firm with a mission to maneuver banks from monolithic to next-generation core banking options delivered by means of the world’s most complete and highly effective cloud native SaaS financial institution working system.

With its safe, dependable, scalable and modular core banking platform, 10x helps extremely customisable product behaviours and accounting guidelines, integrates with banks’ wider know-how estates and harmonises with native and regional compliance and regulatory necessities. 10x allows banks to ship merchandise, providers and buyer experiences to retail and SME prospects sooner and extra affordably.

10x was based in 2016 by Antony Jenkins, former Group CEO of Barclays.

Web site: www.10xbanking.com

View supply model on businesswire.com: https://www.businesswire.com/news/home/20210616005069/en/

Contacts

For Additional Info

10x
Head of Communications Gavin Haycock
gavin.haycock@10xbanking.com I +44(0) 7557038031

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Martin Sparey
Martin.sparey@hotwireglobal.com I +44(0) 7738 507930

Hannah Lock
Hannah.lock@hotwireglobal.com I +44(0) 7393 465537