The Series C funding round will help 10x put down roots in new markets and expand its current product offering.
Fintech funding is showing no signs of slowing down and 10x Future Technologies’ bumper round is another multi-million pound round to add to the pile.
The fintech, which was founded in 2016 by former CEO of Barclays Antony Jenkins, has raised $187m in a Series C funding round co-led by BlackRock and Canada Pension Plan Investment Board (CPP Investments).
10x will use the fresh pot of cash to realise its expansion plans, with hopes to jump across the pond to North America soon, as well as helping it to bolster the development of its 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,” said Jenkins, who is also CEO and chair of the company.
“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.”
Just some of 10x’s clients to benefit from its growing platform include building society NationWide and Westpac, Australia’s first and oldest bank, which is preparing to launch its own banking-as-a-service (BaaS) platform with 10x’s help.
“10x is very well placed to change how big banks are built and deliver for their customers,” Leon Pedersen, managing director and head of thematic investing at CPP Investments added.
“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.”
The fintech has also recently signed up to work with a ‘major bank’ in a new geography, although it didn’t disclose which one, to help it revamp its digital systems.