- 10X Banking raises funds
- Antony Jenkins leads fintech
- Accounts submission delayed
Established in 2016 by Antony Jenkins, 10X Banking Technology has successfully raised tens of millions of pounds through a funding round predominantly supported by its existing investors.
The fintech business, created by former Barclays CEO Antony Jenkins, raised $50 million from investors.
Recently, 10X Banking Technology concluded its initial funding round since 2021, purportedly securing additional capital from its current shareholders.
Since its founding in 2016, one year following his removal as Barclays CEO, Mr. Jenkins has established 10X, an organization that has amassed hundreds of millions of dollars from investors such as BlackRock, JP Morgan, and Nationwide.
Based on the records maintained at Companies House, it appears that the company has failed to submit its accounts for 2022 by the due date originally set for the conclusion of the previous year.
On Friday, Mr. Jenkins clarified that he paid the accounts in December, dispelling any “factually incorrect” claim.
On Friday, the company did not disclose the valuation at which it invested the new financing. However, considering the overall market dynamics, it seems improbable that it exceeded the valuation of over £500 million at which the company obtained capital in 2021.
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Mr. Jenkins established 10X because banks’ digital transformation was hurting shareholders and customers.
The organization formed strategic alliances with JP Morgan and Westpac, an Australian lender. However, it is believed that the rate of significant new banking partnerships has decelerated over the past two years.
Paradoxically, the Westpac agreement was reached under the leadership of John McFarlane, who appointed Mr. Jenkins at Barclays.
Former 10X CEO Rebecca Skitt is currently a co-founder and executive officer of The Bank of London.
