Back-office technology provider 10x Future Technologies has closed a ?34m Series A round led by Ping AN Global Voyager Fund and Oliver Wyman.
This investment, which makes Ping AN the third largest shareholder in 10x, marks the vehicle’s?debut investment since it was launched in May.
Launched in 2016, 10x is a back-office technology provider for banks, offering a platform to unify the client processes and offerings. The company gives banks a cloud-based operating system, with advanced database designs and data modelling services in an open API.
This capital will be used to expand the company team, hiring talent from technology and banking backgrounds, with a particular focus on data analytics and artificial intelligence experts. As part of the new partnership, Ping AN is aiming to market 10x product to Asia, helping the company to expand operations.
Currently, 10x is building a digital bank for Virgin Money, which will launch in 2018. The platform will put the customer at the centre of transactions, offering mortgages, credit cards, loans, savings and current accounts personalised to the specific needs.
Ping An Global Voyager Fund chairman & CEO Jonathan Larsen said, ?10x Future Technologies and Ping An share a vision that technology is the key driver in the financial sector to offer customers drastically improved services at a drastically lower cost of delivery. 10x represents a breakthrough in banking technology and is a wake-up call to banks everywhere.p>
This year has already seen 12.5 per cent more investments in to the Infrastructure and Enterprise Software sector than the whole of last year.
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