London-based fintech firm 10x Future Technologies has raised $187m in a Series C round to support its international expansion plans.
The oversubscribed round was co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments).
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Current backers JPMorgan Chase, Nationwide, Ping An and Westpac also participated.
Commenting on the fundraising, CPP Investments managing director and head of Thematic Investing Leon Pedersen said: “10x presents an attractive opportunity for a long-term investor like CPP Investments as we believe they will benefit from their exposure to the structural growth trend of financial institutions investing in digital initiatives and renewing core technology infrastructure, allowing banks to introduce new offerings and products much faster than using legacy platforms.”
Utilising the fresh infusion, 10x intends to expand into new markets, including North America.
It also plans to use the capital to further develop the cloud native 10x SuperCore platform.
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By GlobalData10x founder, chair and CEO Antony Jenkins called the fundraising a ‘significant milestone’ in its path to become the operating system of choice for banks across the world.
Jenkins stated: “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.”
10x was founded in 2016 by Jenkins, who is ex-Barclays group CEO.
The firm aims to move banks from monolithic to next-generation core banking solutions delivered via cloud native SaaS bank operating system.
The client list of 10x includes British building society Nationwide, as well as Australian lender Westpac that is looking to roll out a Banking-as-a-Service (BaaS) platform powered by 10x SuperCore.
