Chinese insurance giant backs 10x Future Technologies

Chinese insurance giant backs 10x Future Technologies

The fintech firm founded by former Barclays CEO Antony Jenkins has raised £34m in a series A funding round.

10x Future Technologies, the financial transformation business, has closed one of the largest ever series A funding rounds in a European FinTech firm.

The funding round was made up of several investors led by China’s Ping An and global US management consulting firm Oliver Wyman.

It will allow 10x Future Technologies, which aims to revolutionise financial services by empowering banks and non-banks to optimise their customer data and interactions, to further build out its digital platform offering and expand into some of the world’s fastest-growing markets.

Jenkins said: “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.

“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.”

Launched in October 2016, 10x Future Technologies provides clients with a new digital platform that unifies their wide array of often complex, cumbersome data systems into a lean, future-proof architecture, helping financial service providers transform how they operate and engage with customers.

Jenkins, who previously was the group CEO of Barclays plc for three years until July 2015, successfully positioned the bank as a leader in customer-facing technology. He has long believed that new technology can dramatically improve financial services for customers, society and providers.

“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,” he added. “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.”

The accelerating decline in the number of bank branches, the boom in banking apps, regulatory changes and the proliferation of successful FinTech companies have only been the start of a process that will greatly disrupt the banking business model over the next five to ten years, according to Jenkins.

He forecasts that over the next decade, the industry will see a number of significant disruptions in financial services – he calls them “Uber moments” – driven by companies in the fintech sector.

As well as his work with 10x, Jenkins is also group chairman of Currencies Direct, board director of Blockchain, chair of the government’s Institute for Apprenticeships and is chairman of the board of trustees of the charity Business in the Community.