January 20, 2021

10x Future Technologies eyes $100m in Series C round

UK-based banking technology vendor, 10x Future Technologies, is planning a $100 million fundraise next year.

The funds will be used for further expansion of its international operations.

10x plans £100m capital raise next year

Sky News understands that founder and executive chair, Antony Jenkins, has hired financial advisory group, Lazard, to oversee a Series C funding round in 2021.

The capital-raise will be the first for 10x since a £32 million equity injection in the first half of last year.

The firm recently recruited Dr Leda Glyptis as its chief client officer, and Mark Holt as chief product and engineering officer.

Jenkins established the company in 2016 to help major banks manage their accelerating transition to digital services.

The firm has attracted investment from Nationwide and JP Morgan, the Wall Street behemoth which plans to launch a consumer banking app in the UK next year.

10x’s other shareholders include the Chinese insurer Ping An and management consultancy, Oliver Wyman.

10x competes against the likes of Mambu and ThoughtMachine.

The report notes that Mambu is also raising additional funds to accelerate its growth.

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