Cloud Banking Platform 10x Future Technologies Raises $187M For International Expansion

London-based FinTech 10x Future Technologies has closed a Series C funding round with $187 million, according to a press release.

The company plans to use the money to expand into North America and other markets, the release stated. It will also continue working on its cloud native 10x SuperCore platform.

“With our microservices architecture and [application programming interface (API)]-first design, our platform has been purposefully designed to enable the world’s largest banks to transform their customer experience and economics,” 10x Founder, Chair and CEO Antony Jenkins said in the release. “Our vision is to reliably support more than 1 billion of their customers within the next 10 years.”

The round was co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments). Existing investors also participated, including J.P. Morgan Chase, Nationwide, Ping An and Westpac, the release stated.

Banks are facing a number of challenges that are driving change, including the costs to maintain legacy technology stacks, fragmented data and the trials of quickly launching new products or services, according to the release.

“Our investors are focused on industries that are going to be transformed by technology and companies that will be dominant players in that space,” said Jenkins in the release. “We look forward to scaling our business in delivering the cutting-edge approach our clients need to transform the way they enable their customers to bank, pay, buy and borrow.”

The challenges that banks face are made more difficult by the new challenges from other innovators, as well as regulatory reform, low interest rates and capital requirements, the release stated.

NovoPayment CEO Anabel Pérez spoke with PYMNTS in April about the creation of banking innovations, saying Latin American companies often working “on the surface,” with a focus on the user interface and how to engage customers. But they need to focus more on creating seamless, easy customer experiences.