London FinTech 10x Future Technologies has completed a $187 million Series C funding round.
The FinTech, founded by former Barclays chief executive Antony Jenkins, says it produces technology which allows established financial services institutions to compete with digital challengers.
The funding round was co-led by funds managed by BlackRock and CPP Investments and supported by existing investors JPMorgan Chase, Nationwide, Ping An, and Westpac.
The FinTech said it will use the funding to support its expansion into new markets, including North America, as well as to fund further investment into the development of its cloud-based 10x SuperCore platform.
The funding will also support 10x’s goal of reaching a billion end-user customers worldwide according to the company.
Jenkins, who is chairperson and chief executive of 10x, spent three years as chief executive of Barclays but left the bank in 2015.
In April, JP Morgan’s current chief executive Jamie Dimon highlighted a reliance on legacy systems as a key weakness of established banks in his annual letter to shareholders.
“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe,” said Jenkins. “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.”
He added: “Our vision is to reliably support more than one billion of their customers within the next 10 years.”
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