Ping An backs 10x Future Technologies
London-based fintech 10x Banking has raised $187 million in a Series C financing round co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and supported by existing investors JPMorgan Chase, Nationwide Building Society, Ping An and Westpac.
Founded in 2016, 10x Future Technologies helps larger, established banks build both next-generation services as well as tools to help their older services work more efficiently. Its platform, SuperCore, is an all-in-one system that runs a wide range of banking services such as payments, core banking, mortgages, analytics, security and marketing, which 10x’s bank customers can integrate into their existing tech by way of APIs, or 10x can use to build those clients new services from the ground up.
The company will use the funding to support its expansion plans into new markets, including North America, as well as further investment into the development of the cloud native 10x SuperCore™ platform.
“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe. With our microservices architecture and API-first design, our platform has been purposefully designed to enable the world’s largest banks to transform their customer experience and economics. Our vision is to reliably support more than one billion of their customers within the next 10 years. Our investors are focused on industries that are going to be transformed by technology and companies that will be dominant players in that space. We look forward to scaling our business in delivering the cutting-edge approach our clients need to transform the way they enable their customers to bank, pay, buy and borrow.” – Antony Jenkins, Founder, Chair and CEO of 10x Future Technologies.
“We have been impressed with 10x’s strategy and ambition to play a key role at the heart of transformations taking place in financial services, driven by technology innovation, consumer expectations and regulatory reform. We are excited to be investing in the business as it scales into new markets.” – BlackRock Head of Innovation Capital William Abecassis.
“10x is very well placed to change how big banks are built and deliver for their customers. 10x presents an attractive opportunity for a long-term investor like CPP Investments as we believe they will benefit from their exposure to the structural growth trend of financial institutions investing in digital initiatives and renewing core technology infrastructure, allowing banks to introduce new offerings and products much faster than using legacy platforms.” – Leon Pedersen, Managing Director and Head of Thematic Investing, CPP Investments.
