10x Banking raises $45m to fuel expansion efforts
Core banking solution provider 10x Banking has raised $45 million from investors as it looks to “capitalise on the significant momentum in the core banking market”.
10x Banking raises $45m in new funding round
The capital injection was led by existing backers BlackRock and JP Morgan Chase, with the latter having previously tapped the platform’s Software-as-a-Service (SaaS) core operating system to enter the UK retail banking market.
It marks 10x’s first funding round since its Series C in June 2021, when it raised $187 million in a round co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments). Nationwide, Westpac and China’s Ping An Group also participated.
These funds enabled 10x’s expansion to the Asia Pacific (APAC) region, which was announced in July 2023. The company says its fresh funding will be used to fuel “more strategic expansions on the horizon” amid a flurry of neo-core banking system adoption.
To back its efforts, 10x has also announced the appointment of former Featurespace executive Matt Mills as its new chief revenue officer (CRO). It also recently hired Okan Ozaltin as its chief product officer (CPO) in August.
Based in the UK and founded by former Barclays chief executive Antony Jenkins in 2016, 10x provides core banking software for retail and small business customers, with its modular SuperCore platform built to integrate with banks’ wider technology estates and enable firms to launch customisable products.
