BlackRock and CPP Investments Lead Series C in 10x Future Technologies
Posted on 06/16/2021
London-based 10x Future Technologies raised US$ 187 million Series C financing round, co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and supported by existing investors JPMorgan Chase, Nationwide Building Society, Ping An, and Westpac. The London-based technology company will use the funding to support its expansion plans into new markets, including North America, as well as further investment into the development of the cloud native banking 10x SuperCore platform. 10x was founded in 2016 by Antony Jenkins (Antony Peter Jenkins), former Group CEO of Barclays. Jenkins was known for cutting bonuses at Barclays while he was CEO. Jenkins was sacked from Barclays on July 8, 2015.
Canadian public pensions are keen on investing in financial technology (fintech), while banks are eager to access new technologies.
10x clients include Nationwide, the largest building society in the world, and Westpac, Australia’s first and oldest bank, which is preparing to launch a Banking-as-a-Service (BaaS) platform powered by the 10x SuperCore.
Lazard acted as sole financial advisor to 10x. DLA Piper acted as legal advisor.
In the first half of 2020, Nationwide Building Society invested £15 million in 10x Future Technologies as part of a broader £32 million equity injection.