LONDON – Former Barclays CEO Antony Jenkins has raised £34 million ($46 million) for his fintech startup 10X Future Technologies.
The Series A funding round was led by Chinese firm Ping An Insurance and consulting firm Oliver Wyman.
London-based 10X, which went public last October, will help banks and financial institutions modernize their back office technology.
This will involve using new technologies, such as machine learning and cloud services, and bringing IT systems and solutions up to date.
“Twelve months ago my expectations were this is going to be a long process,” Jenkins told Bloomberg. “Since I’ve started this firm, multiple banks around the world have been telling me they have a problem they can’t solve. But they don’t have a choice. They won’t be able to compete in this new world where data is king.”
He warned last year that banks were at risk of an “Uber moment,” when newer and more technologically up to date players would steal market share from them.
Jenkins had been dubbed “The Mr. Nice” of British banking by the UK press, and abstained from taking his £1 million bonus after his first year as CEO at Barclays. 10X’s website says it aims to “create a new banking experience – one that is more diverse, open and fair.”