UK-based financial service platform developer 10x Future Technologies raised £34m ($46m) yesterday in a series A round led by insurance group Ping An that included management consultancy Oliver Wyman and unnamed additional investors.
10x Future Technologies is working on a software platform that will allow financial services firms to tailor products to customers’ specific needs, including mortgages, credit cards, loans, savings and current accounts, by unifying complex datasets into lean structures.
Ping An and 10x are exploring a strategic partnership that would bring the product to Asia. 10x has already signed a joint business development agreement with Oliver Wyman to adapt the platform to new markets.
The startup was founded by Anthony Jenkins, formerly chief executive of financial services firm Barclays. It will use the series A capital to drive recruitment, and is also in the process of building a digital bank for financial services firm Virgin Money which is expected to launch in 2018.
Ping An’s chief financial officer Jonathan Larsen, also chairman and CEO of the firm’s Global Voyager Fund, 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 are 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.”