The fintech business, 10X Banking Technology has managed to raise tens of millions of pounds through existing backers in a funding round.
Former Barkclay Chief executive and founder of 10X, Anthony Jenkins, managed to secure $50 million in fresh capital from existing shareholders in the company.
Founded in 2016, Anthony Jenkins has managed to raise hundreds of millions of dollars from investors such as BlackRock, JP Morgan, and Nationwide after being ousted as the Barclays Chief.
Companies House records indicate that the company’s 2022 accounts, which were supposed to be delivered by the end of the previous fiscal year, are already past due.
On Friday, Mr. Jenkins stated that the accounts were already being filed in December and any other suggestions were “factually incorrect.”
Although the valuation at which the new investment was invested was not disclosed on Friday, general market dynamics indicate that it is anticipated to have been greater than the valuation of more than £500 million at which it secured funding in 2021.
The real reason for Mr. Jenkins’s creation of 10X was that banks were delivering poor services and poor results for customers and shareholders as they transitioned to digitally-led services.
The business partnered with JP Morgan and the Australian lender Westpac, though the rate of significant new financial collaborations appears to have slowed during the past two years.
It is ironic that John McFarlane, the person who oversaw Mr. Jenkins’s dismissal from Barclays, presided over the Westpac agreement during its negotiation.
Rebecca Skitt, 10X’s previous chief executive, currently jointly leads the Bank of London.
Regarding the fundraiser, Mr. Jenkins opted not to respond.
- Published By Team Timeswire