10x, a UK fintech startup founded by former Barclays CEO, raises $187M with backing from BlackRock and JPMorgan

While challenger banks continue to gain traction as they streamline products and services for their customers, one fintech startup just announced a new round of funding to help and build new services to help established and traditional legacy banks compete.

10x Future Technologies is a UK-based startup founded by Antony Jenkins in 2016 following his ousting from Barclays a year earlier. 10x is working to help a number of banks with their ambitions for digital transformation.

Today, 10x announced it has raised $186.6 million in a Series C funding round from investors as part of its effort to expand its footprint into North America. The oversubscribed round was co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and supported by existing investors JPMorgan Chase, Nationwide, Ping An, and Westpac.

The deal gives 10x a valuation of roughly £500 million — about $704 million at current exchange rates — putting it on the path to so-called “unicorn” status, where privately-held tech firms are valued at $1 billion or more.

“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe,” said Antony Jenkins, Founder, Chair and CEO of 10x Future Technologies.

“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

Founded in 2016 by Antony Jenkins and Brad Goodall, the London, England-based 10x is on a mission to move banks from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud-native SaaS bank operating system.

10xbanking offers a digital banking platform that will transform the way financial services providers operate. At the heart of the 10x platform is a full suite of enterprise-grade capabilities covering banking process automation, compliance reporting, security, and analytics.

10x Future Technologies also offers banks a secure, cloud-based operating system with advanced database design and data modeling services with modular construction and open APIs. Its technology will enable a single point of entry for other financial technology providers to engage with banks through a secure connection.

10x Technologies Team