The latest funding round values the company at $700M. Here are the top-line bullets you need to know.
10x Future Technologies, a cloud-enabled banking platform, has raised $187M in a Series C round that drew participation from JPMorgan Chase, BlackRock, CPP Investments, and Westpac Group, among others.
How’s the company performing?
- United Kingdom-based 10x Future Technologies offers a cloud-based bank operating system. Its core platform helps legacy banks run more efficiently by offering more efficient infrastructure and analytics tools, which customers can plug into existing architecture via APIs.
- The company caters to companies like Nationwide and Westpac and has more than 80 partners, including AWS, Salesforce, Confluent, Onfido, and Synectics Solutions.
- 10x Future Technologies has more than 500 employees globally.
Source: 10x Future Technologies
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- The market has seen a boom in funding in recent years. In 2020, VCs invested $42B in fintech companies.
- Q1’21 was the largest fintech funding quarter on record, with fintech startups drawing $22B across 614 deals.
