10x Future Technologies, the financial transformation business founded by former Barclays CEO Antony Jenkins, has closed one of the largest ever series A funding rounds in a European FinTech firm and agreed the development of two major strategic partnerships with leading global consultancy and financial services firms.
This will allow 10x Future Technologies, which works to revolutionise financial services by empowering banks and non-banks to optimise their customer data and interactions, to further build out its digital platform offering and expand into some of the world's fastest-growing markets.
"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," said Antony Jenkins, Founder and Executive Chairman of 10x Future Technologies.
"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."
Launched in October 2016, 10x Future Technologies provides clients with a new digital platform that unifies their wide array of often complex, cumbersome data systems into a lean, future-proof architecture, helping financial service providers transform how they operate and engage with customers.
10x Future Technologies is continuing to expand its diverse team with top talent from both the technology and banking worlds, and has assembled world-leading expertise in data analytics and artificial intelligence as part of its team of financial services experts, technologists and creatives. It has invested heavily in the development of its proprietary design and data architecture, and is currently building a digital bank for Britain's Virgin Money for launch in 2018.
The finished platform will put the customer at the centre of all transactions by allowing financial services providers to offer products such as mortgages, credit cards, loans, savings and current accounts that are far better tailored to customers' specific needs. The company is already in discussion with a number of other financial services providers about using the platform, as well as with potential customers from outside the current financial services ecosystem.
In addition to this fundraising, 10x Future Technologies is embarking on major strategic partnerships. The company is exploring the development of a strategic partnership with Ping An, one of China's biggest financial services firms with 318,000 full-time employees, that will aim to market 10x Future Technologies' offering and capabilities in the Asia region, allowing the firm to expand into some of the largest, fastest growing and most dynamic economies in the world. In addition, 10x has agreed a joint business development partnership with Oliver Wyman, a global leader in management consulting with offices in 50+ cities across nearly 30 countries, which will help 10x Future Technologies to configure its platform as it enters new markets.
Jonathan Larsen, Chairman and CEO of the Ping An Global Voyager Fund and Group Chief Innovation Officer at Ping An, said: "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 wakeup 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."
Jenkins, who previously was the Group CEO of Barclays plc for three years until July 2015, successfully positioned the bank as a leader in customer-facing technology. He has long believed that new technology can dramatically improve financial services for customers, society and providers.