Banking BlackRock to buy stake in 10x Future Technologies in...

BlackRock to buy stake in 10x Future Technologies in £130m round

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10x Future Technologies is set to sell a slice of its business in a deal valuing the company at more than £500 million.

10x is planning a £130 million funding round featuring BlackRock

According to Sky News sources, investment giant BlackRock is ready to step in and form a major part of a £130 million funding round for the core banking vendor.

10x has reportedly been plotting a new fundraise since late last year. A $100 million Series C was in the works, and the firm hired advisory group Lazard to oversee it.

Any raise would be the first for 10x since a £32 million equity injection in the first half of 2019.

The firm recently recruited Dr Leda Glyptis as its chief client officer, and Mark Holt as chief product and engineering officer.

10x was founded by former Barclays chief executive Anthony Jenkins in 2016. It has since attracted investment from Nationwide and JP Morgan.

Its other shareholders include the Chinese insurer Ping An and management consultancy Oliver Wyman.

Related: Westpac partners with 10x Future Technologies to build new platform

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