Barclays ex-CEO's fintech startup 10x raises £34 million
The startup hopes to change the ways banks operate and transform financial services
10x Future Technologies has raised 34 million in a Series A funding round.
The company, founded by the ex-CEO of Barclays Antony Jenkins, has backing from Chinese insurance firm Ping An and global management consultancy Oliver Wyman. It aims to change the way financial services operate through its digital banking platform.
Jenkins wrote: "Today's 34 million funding round in 10x is testament to the huge impact the FinTech revolution will soon have on financial services, and is a significant vote of confidence in London's FinTech community. With this investment, we'll be able to turbocharge our growth and expand the digital platform that could help transform financial services."
He added that Ping An and Oliver Wyman have also signed strategic partnerships to allow 10x to expand into other markets in the world.
Jenkins said: "I'm more excited about the potential of 10x than anything else I've worked on in my 30-year career in financial services. If we get this right, we could help create a financial system that's safer, fairer, more transparent and more secure for everyone."
He plans to build a platform which will be able to offer services better tailored to a customer's needs.
"It will allow providers to anticipate when a small business owner might need a more flexible line of credit, or offer personalised mortgages that allow you to overpay to reduce your debt, or skip a payment when you need extra cash at Christmas," he wrote.
The platform aims to provide compliance reporting, security and analytics and banking process automation.
At the start of August, the fintech startup Tandem acquired Harrods Bank, the banking arm of the luxury department store. Tandem is building a mobile banking app to help customers manage their money and following the acquisition the startup now has access to a variety of financial products and a banking license.
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