UK-based BaaS Fintech 10x Future Technologies Finalizes Oversubscribed $187M Round led by BlackRock, Others

London-based 10x Future Technologies, a Cloud banking solution provider, has finalized an oversubscribed $187 million Series C round.

The company states:

“10x Future Technologies is … focused on transforming banking to be 10x better for customers, banks and society. The group has developed its own cloud-native SuperCore™ banking-as-a-service platform to address a bank’s core architecture challenges. With its ambition to help transform the way banks operate, 10x is also committed to doing business the right way and help build a banking sector that is more secure, fair and transparent, providing services that benefit customers and society.”

The 10x Future Technologies investment round was co-led by funds that are managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments). Existing investors JPMorgan Chase, Nationwide, Ping An and Westpac also took part in the round.

The UK-based tech firm will use the proceeds to support its expansion efforts into new markets, such as North America. The company will also use the funds to further develop the Cloud native 10x SuperCore™ platform.

The Fintech firm noted that the additional capital will support its plans to scale its platform to 1 billion end-users globally within the next 10 years.

10x customers reportedly include building society Nationwide and Australia-based Westpac, which is getting ready to introduce a Banking-as-a-Service (BaaS) platform that will be run on the 10x SuperCore™.

10x is working cooperatively with leading banking institutions across the globe. Recently, the firm started working with a top-tier bank in a new jurisdiction to offer a greenfield transformation project.

Antony Jenkins, Founder, Chair and CEO of 10x Future Technologies, stated:

“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe. 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.”

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