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