Former Barclays CEOs fintech venture raises $187 million with backing from BlackRock and JPMorgan
Summary
In Britain, for example, 10x is working with Nationwide on the lenders digital banking ambitions, while in Australia the start-ups technology is being used by Westpac to allow buy-now-pay-later firm Afterpay to offer savings accounts. The company said Wednesday that it had raised the fresh cash in a funding round co-led by BlackRock and CPP Investment Board, which manages Canadas pension plan. 10x will use the new funding to expand into new markets like the U.S. and Canada and scale its platform to support dozens of banks digital transition plans, the companys CEO said. Jenkins now says he "underestimated" how quickly lenders would cut back on their brick-and-mortar operations, adding that the coronavirus pandemic has accelerated the decline of in-person retail banking. The companys competitors include the likes of Mambu, which raised money at a $2.1 billion valuation in January, and Thought Machine, which was founded by ex-Google engineer Paul Taylor.