10x Future Technologies has just secured one of the largest European series A funding rounds to date by China’s Ping An and consulting firm Oliver Wyman. Founded by former Barclays CEO Antony Jenkins, the financial transformation venue will utilize the new funding to pursue a digitized strategy across the banking sector and expand into Asia.
The group’s core product has focused on the financial services space, which has aimed to revolutionize customer data and interactions for banks and non-banks. 10x Future Technologies had already been aggressively developing its digital platform offering, which was given a massive boost via the series A funding round worth £34.0 million.
In tandem, the group also inked two new partnerships with both global consultancy and financial services firms. Mr. Jenkens, the group’s Founder and Chairman commented: “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.”
A more digital approach to banking has already been underway with many players and venues collectively seeking to disrupt the industry. For its part, 10x Future Technologies has embarked on this course, relegating its focus to data systems and customer engagement.
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Launched approximately one year ago in October 2016, 10x Future Technologies has since looked to provide its clients with a new digital platform that helps aggregate a series of complex, and oft-cumbersome data systems. Its goal has been the wide scale adoption of a leaner, future-proof architecture, ultimately helping financial service providers transform the way they operate and engage with customers.
“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 turbo-charge 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 Mr. Jenkens.
10x Future Technologies will rely on several components for its new platform, touching on data analytics and artificial intelligence. Additionally, the group is targeting a 2018 launch date for a new digital bank for Britain’s Virgin Money. This platform will aim to empower customers, placing them at the center of all transactions.
New partnerships targeting Asia
In addition to securing the largest European Series A funding round ever, 10x Future Technologies has also entered into two major strategic partnerships. This entails a fresh accord with Ping An, one of China’s biggest financial services firms. Per the deal, Ping An will help market 10x Future Technologies’ offering and capabilities in the Asia region, giving the group a foothold on the continent as it expands its market traction.
This will also help 10x Financial Technologies expand into some of the largest, fastest growing and most dynamic economies globally. In addition, 10x has agreed a joint business development partnership with Oliver Wyman, one of the industry leaders in management consulting. The partnership will aim to help configure 10x Future Technologies platform as it enters new markets.
Jonathan Larsen, Chairman and CEO of the Ping An Global Voyager Fund and Group Chief Innovation Officer at Ping An, commented: “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. 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.”