Ping An backs 10x in £34m funding round
Written by Chris Lemmon
Former Barclays chief Antony Jenkins has secured £34 million in a Series A funding round for his 10x Future Technologies company, led by China’s Ping An and management consultancy firm Oliver Wyman.
As part of the deal, 10x has also signed strategic partnership with the two firms for joint business development. The partnerships will enable 10x to further build out its digital platform offering and expand into some of the fastest growing markets, including China and other Asian markets.
Launched in 2016, 10x Future Technologies provides clients with a digital platform that unifies complex, cumbersome data systems into an efficient systems to help financial service providers transform their engagement with customers.
Antony Jenkins, founder and executive chairman of 10x Future Technologies, said: “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 Voyager fund and group chief innovation officer at Chinese insurance giant 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 wake-up 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.”