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Jenkins’ 10x banking tech group eyes $100m injection

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The banking technology group founded by a former Barclays chief executive is plotting a $100m fundraising next year as a springboard to the further expansion of its international operations.

Sky News understands that Antony Jenkins’ 10x Future Technologies has hired Lazard to oversee a Series C funding round in 2021.

The capital-raise will be the first for 10x since a £32m equity injection in the first half of last year.

Antony Jenkins
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Mr Jenkins launched the business after being ousted as chief executive of Barclays

Mr Jenkins established the company in 2016 to help major banks manage their accelerating transition to digital services.

He has attracted investment from Nationwide and JP Morgan, the Wall Street behemoth which plans to launch a consumer banking app in the UK next year.

10x’s other shareholders include the Chinese insurer Ping An and Oliver Wyman, the management consultancy.

In a blog-post last week, Mr Jenkins wrote that the coronavirus pandemic had increased the pressure on banks to speed up the transformation of their cost bases.

“Return on equity is a really big issue for banks and they are increasingly looking at what they can do to address that.

“Structurally, automating the bank through technology has become a key way to deliver fundamental change for the better.”

10x is one of a number of fintech groups which have become important providers of digital banking infrastructure, and competes against the likes of Mambu and ThoughtMachine.

Mambu is also raising additional funds to accelerate its growth.

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Mr Jenkins launched the business after being ousted as chief executive of Barclays, having been appointed with a brief to improve the bank’s reputation after a series of scandals.

On Monday, Mr Jenkins was appointed as a member of the Bank of England’s Prudential Regulation Committee, which is chaired by the governor, Andrew Bailey, and plays a key role in the supervision of banks and insurers.

A 10x spokesman declined to comment.

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