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September 21, 2017

Ex-Barclays CEO receives £34m backing for fintech startup

10x Future Technologies, a fintech firm founded by former Barclays CEO Anthony Jenkins, has raised £34m in Series A funding from Ping An Global Voyager Fund, a subsidiary of China’s Ping An Insurance, and management consulting firm Oliver Wyman.

The fintech venture, launched in October 2016, offers a cloud-based core banking platform that enables banks to better tailor their mortgage, credit card, loan, saving and current account offerings.

The funding will allow the startup to expand its talent, especially in data analytics and artificial intelligence.

The funding makes Ping A fund the largest third party shareholder in 10x. It also establishes a strategic partnership between Ping An and 10x, under which Ping An will market 10x offerings in Asia.

Ping An Group chief innovation officer and Ping An Global Voyager Fund chairman and CEO Jonathan Larsen said: “10x Future Technologies and Ping An share a vision that technology is the key driver in the financial sector to offer customers drastically improved services at a drastically lower cost of delivery. 10x represents a breakthrough in banking technology and is a wake-up call to banks everywhere.

“We are looking forward to working with 10x Future Technologies to bring the company’s capabilities to Asia, given the vast local demand for innovative technologies that will transform the finance industry.”

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