10x Future Technologies, a FinTech startup founded by Barclays’ former CEO Anthony Jenkins, has raised a £34m Series A.
The round drew participation from several investors led by China’s financial services firm Ping An and global management consulting company Oliver Wyman.
Launched in October last year, 10x Future Technologies provides clients with an AI-powered platform that seeks to unify complex data systems in order to help users customers engage with users.
“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 Antony Jenkins, founder and executive chairman of 10x Future Technologies.
Alongside the fundraising, 10x Future Technologies is looking to secure strategic partnerships with its investors in a bid to enter new territories including Asia.
“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 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,” added Jenkins.
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The company is also building a digital bank for Britain’s Virgin Money, due to be launched next year.
Jonathan Larsen, chairman and CEO of the Ping An Global Voyager Fund and group chief innovation officer at Ping An, 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’re 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.”
Jenkins, who was the Group CEO of Barclays plc for three years until July 2015, believes technology can dramatically transform financial services.
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“We are not just using the most advanced technology in the industry; we’re also thinking hard about how we can make sure that digital systems are as trustworthy and reliable as they can be.
“Our customers need to trust that our systems won’t let them down, so that, in turn, their customers can approach the digital revolution with confidence.”
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