10x Banking secures fresh funding to fuel global expansion

By Gloria Methri

10x Banking, the cloud-native SaaS core bank operating system has announced a new round of funding, as it looks to capitalize on the growing momentum in the core banking market.

The round, led by existing investors BlackRock and JPMorgan Chase, marks the latest milestone in the 10x’s journey to revolutionize the banking industry.

It is the company’s first funding round since its Series C in June 2021, when it raised $187 million in a round co-led by BlackRock and Canada Pension Plan Investment Board (CPP Investments). It also garnered participation from Westpac and China’s Ping An Group.

These funds aided 10x’s expansion to the Asia Pacific (APAC) region, particularly in Australia and New Zealand, which was announced in July 2023.

The company says its fresh funding will be used to fuel more strategic expansions on the horizon as banks actively look to adopt neo-core banking systems. To back its efforts, 10x has also announced the appointment of its new Chief Revenue Officer, Matt Mills, who joined the company from Featurespace.

Matt Mills, Chief Revenue Officer, 10x said, “There has never been a more exciting time for banking transformation and core modernization, as banks across the world embark on this journey. I am incredibly excited to have joined a company with the strongest offering in this space, offering unparalleled resiliency and scale, combined with flexibility and speed beyond the rest of the market. Our mission is to enable banks to make banking better for their customers and society – 2024 is already set to be the most significant in our history, and I’m excited to be part of this journey.”

10x is credited with building the modern technology platform focused on a seamless customer experience that powered Chase’s entry into the UK retail banking market. The firm is committed to helping banks transform the way they operate in response to a rapidly evolving financial sector, catalyzed in part by the dominance of digital transactions and consumer demand for greater control and flexibility around the way they manage their money.