Former Barclays CEO Jenkins raises $50m for fintech 10X

The fintech enterprise based by Antony Jenkins, the previous Barclays chief government, has secured $50m in a contemporary injection of capital from buyers.

Sky News has learnt that 10X Banking Technology not too long ago closed its first funding spherical since 2021 with new cash understood to have been offered by current shareholders within the firm.

10X was arrange by Mr Jenkins in 2016, a yr after he was ousted because the Barclays chief, and has since raised a whole lot of tens of millions of {dollars} from buyers together with BlackRock, JP Morgan and Nationwide.

Records at Companies House counsel that the corporate’s accounts for 2022 at the moment are overdue, having been scheduled to be filed by the tip of final yr.

Mr Jenkins stated on Friday that the accounts have been filed in December, and that any suggestion on the contrary was “factually incorrect”.

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The valuation at which the brand new funding has been invested was unclear on Friday, though broader market dynamics counsel it’s unlikely to have been larger 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 providers was delivering poor outcomes for patrons and shareholders.

The firm signed partnerships with JP Morgan and Westpac, the Australian lender, though the tempo of main new banking alliances is alleged to have slowed within the final two years.

Ironically, the Westpac deal was struck whereas it was chaired by John McFarlane, who was liable for Mr Jenkins’s Barclays sacking.

Rebecca Skitt, 10X’s former chief government, now collectively runs The Bank of London.

Mr Jenkins declined to touch upon the fundraising.