Banking

BlackRock to buy stake in 10x Future Technologies in £130m round

10x Future Technologies has completed an oversubscribed $187 million Series C financing round, co-led by funds managed by BlackRock and Canada Pension Plan Investment Board.

The round was supported by existing investors JPMorgan Chase, Nationwide, Ping An and Westpac. The raise is the first for 10x since a £32 million equity injection in the first half of 2019.

10x is planning a £130 million funding round featuring BlackRock

The London-based technology company will use the funding to support its expansion plans into new markets, including North America.

It is also planning a deeper investment into the development of its cloud-based10x SuperCore platform.

“This funding round represents another significant milestone in our journey to become the operating system of choice for leading banks across the globe,” said Antony Jenkins, CEO of 10x Future Technologies.

“Our vision is to reliably support more than one billion of their customers within the next 10 years.”

Rumours had swirled about a 10x fundraise since late last year. Originally reports suggested a $100 million Series C was in the works, and the firm had hired advisory group Lazard to oversee it.

As it turned out, Lazard did indeed act as sole financial advisor to 10x for the deal. Law firm DLA Piper acted as legal advisor.

Sky News sources reported last week that BlackRock would step in and form a major part of a £130 million funding round for the core banking vendor.

“We have been impressed with 10x’s strategy and ambition to play a key role at the heart of transformations taking place in financial services,” says William Abecassis, head of BlackRock Innovation Capital.

“We are excited to be investing in the business as it scales into new markets.”

10x recently recruited Dr Leda Glyptis as its chief client officer, and Mark Holt as chief product and engineering officer.

Its other shareholders include the Chinese insurer Ping An and management consultancy Oliver Wyman.

Related: Westpac partners with 10x Future Technologies to build new platform


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