10x Future Technologies attracts £34mn in funding led by Ping An
10x Future Technologies, the fintech startup launched by ex-Barclays CEO Antony Jenkins, has raised £34mn in a round of funding led by Chinese investor Ping An.
The company, which specialises in the development of digital toolkits to help financial institutions improve their services, will use the cash to develop its platform and expand in to fast-growing markets.
Jenkins launched 10x last October after introducing a series of technological innovations during his three-year stint at the helm of Barclays.
He believes it can exploit the sluggishness of the sector in responding to the digital age.
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"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 Jenkins.
“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 turbocharge this development."
The formation of strategic partnerships for joint business development with Ping An and Oliver Wyman - a New York consulting firm - is also part of the agreement, with 10x targeting the Asia market.