UK-based digital banking software provider 10x Future Technologies closed a $187m series C round today featuring insurance group Ping An and financial services providers Westpac and Nationwide.
The round was co-led by Canada Pension Plan Investment Board and funds managed by BlackRock. It included investment bank JPMorgan Chase and valued 10x at about $700m, a source close to the company told TechCrunch.
Founded in 2016, 10x provides a cloud-based operating system for banks called 10x SuperCore which can integrate with banks’ existing technology infrastructure and enable them to make their systems more efficient.
The proceeds of the series C round will be used to support further development of the company’s technology platform and allow it to expand into new markets such as North America.
Antony Jenkins, 10x’s founder, chairman and CEO, said: “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. Our vision is to reliably support more than 1 billion of their customers within the next 10 years.”
Nationwide had invested $16.9m in the company in March 2019 as part of a $42.4m series B round that also featured Ping An, management consulting firm Oliver Wyman and unnamed additional participants.
Ping An had led a $46m series A round for 10x in 2017 that included Oliver Wyman and unnamed others. Both Westpac and JPMorgan Chase were described as existing investors in the latest round.