Antony Jenkins / 10x Banking
10x Banking raises £35m from existing investors
The fintech has also hired a new chief revenue officer from Featurespace
Banking tech provider 10x Banking has raised £35m from its existing investors BlackRock and JPMorgan Chase in its first funding round since 2021.
10x Banking said the funding would help it capitalise on the momentum in the core banking market, which it has been serving since 2016 when the business was founded by former Barclays group CEO Antony Jenkins.
The company’s technology platform was used by JP Morgan to launch its Chase challenger bank in the UK, and 10x Banking expanded into Australia and New Zealand in 2023 with “more strategic expansions on the horizon” teased by the company today.
10x Banking last raised funding in June 2021 when it closed a $187m Series C round, led by BlackRock and Canada Pension Plan Investment Board, with Nationwide, Westpac and China’s Ping An Group participating.
Along with the funding 10x Banking also announced the appointment of new chief revenue officer Matt Mills, who joins the fintech from fraud and financial crime tech provider Featurespace.
“There has never been a more exciting time for banking transformation and core modernization, as banks across the world embark on this journey”, Mills said on his appointment.
“Our mission is to enable banks to make banking better for their customers and society — 2024 is already set to be the most significant in our history, and I’m excited to be part of this journey.”