The fintech startup founded by the former chief executive of Barclays has landed millions of pounds of new backing from investors.
Antony Jenkins' 10x has raised £34m in a large series A round from Chinese insurance giant Ping An, the owner of the Lloyds of London building, and global management consultancy Oliver Wyman.
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10x itself is a consultancy, advising financial insinuations on technology and also builds products for them. It revealed last year that it is building a new banking platform for challenger bank Virgin Money which is scheduled to launch next year.
The fintech will also partner with both firms to work on projects and gives it an entry into Asia.
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, the founder and executive chairman.
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"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.”
Jenkins set up 10x last year amid the booming London fintech industry after three years as Barclays top boss.
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