As so-called neobanks continue to gain more traction in the market with the adoption of more modern and banking and other financial services, they are announcing a large round of initial funding of building technology to help incoming players compete better. 10x Future Technologies, a London-based fintech that has raised $187 million to build and generate services for both generations to help larger, established banks operate their generation services more efficiently. We understand from sources close to the company that the 10x valuation with this round is within $700 million.
(The amount raised and valuations also almost match Sky News’ figures, which earlier this month reported a 10x increase in new funding.) 10x will use both of these funds to expand into new geographies such as North America, as well as to continue building more technology for its flatship platform. SuperCore, as the platform is called, is designed to handle a wide range of scratch-based banking services such as payments, core banking, mortgages, analysis, securities and marketing that 10x customers can integrate into them through existing APIs or 10x new customers. Clients can use it to create new services.
This Series C round is full of heavy hitters which speaks to the credibility 10x that the market has picked up in its five years. Co-led by BlackRock and the Canada Pension Plan Investment Board (CPP Investments), it includes existing investors JP Morgan Chase, Nationwide, Ping Ann and Westpac in Australia. The second includes four strategic supporters: Anthony Jenkins, founder and CEO of 10x who himself worked at the big banks (his last role was as CEO of Barclays, and although he left it under a cloud) ), Telling us that 10x is currently making Westpack and nationwide services.
There are two more banks as customers of 10x that it is not yet disclosing, which will lead to more soon, Jenkins added, as the industry is in “a critical moment” at the moment. He said some of the 10x’s engagements are already straightforward, “the volume is running on the platform”. Others have not yet been launched. The 10x opportunity you are looking at is big, but elusive.