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10X Banking Technology, which was founded by Antony Jenkins in 2016, has raised tens of millions of pounds in a funding round led by existing backers, Sky News learns.
By Mark Kleinman, City editor @MarkKleinmanSky
The fintech business founded by Antony Jenkins, the former Barclays chief executive, has secured $50m in a fresh injection of capital from investors.
Sky News has learnt that 10X Banking Technology recently closed its first funding round since 2021 with new money understood to have been provided by existing shareholders in the company.
10X was set up by Mr Jenkins in 2016, a year after he was ousted as the Barclays chief, and has since raised hundreds of millions of dollars from investors including BlackRock, JP Morgan and Nationwide.
Records at Companies House suggest that the company’s accounts for 2022 are now overdue, having been scheduled to be filed by the end of last year.
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The valuation at which the new funding has been invested was unclear on Friday, although broader market dynamics suggest it is unlikely to have been higher than the £500m-plus valuation at which it secured capital in 2021.
Mr Jenkins’s premise for establishing 10X was that banks’ transition to digitally led services was delivering poor results for customers and shareholders.
The company signed partnerships with JP Morgan and Westpac, the Australian lender, although the pace of major new banking alliances is said to have slowed in the last two years.
Ironically, the Westpac deal was struck while it was chaired by John McFarlane, who was responsible for Mr Jenkins’s Barclays sacking.
Rebecca Skitt, 10X’s former chief executive, now jointly runs The Bank of London.
Mr Jenkins declined to comment.
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