European fintech firm 10x Future Technologies announced on Thursday it secured £34 million during its latest Series A funding round, which was led by China’s Ping An. Launched in October 2016 by formed Barclay’s CEO Antony Jenkins, 10x Future Technologies provides clients with a new digital platform helps financial service providers transform how they operate and engage with customers. The company revealed:
“10x Future Technologies is continuing to expand its diverse team with top talent from both the technology and banking worlds, and has assembled world-leading expertise in data analytics and artificial intelligence as part of its team of financial services experts, technologists and creatives. It has invested heavily in the development of its proprietary design and data architecture, and is currently building a digital bank for Britain’s Virgin Money for launch in 2018.”
Jenkins explained:
“Technology is transforming the financial services industry much faster than many anticipated, and only the companies that can implement a truly digital business model that is responsive to their customers will prevail. In the future, you will bank with whoever makes your life easier, and 10x will be one of the catalysts of that change. With the new investment and our new partnerships, we can turbo-charge the development of a new type of platform that will make financial services quicker, cheaper and more secure than ever before. I am proud that this important new capability is being built here in the UK.”
Jonathan Larsen, Chairman and CEO of the Ping An Global Voyager Fund and Group Chief Innovation Officer at Ping An, added:
“10x Future Technologies and Ping An share the same vision that technology is the key driver in the financial sector to offer customers drastically improved services. 10x is a wakeup call to banks everywhere. We’re looking forward to working with them to bring the company’s capabilities to Asia, given the huge local demand for innovative technologies that will transform the finance industry.”