10x Future Technologies looking at $100 million fund raise

10x Future technologies, the banking technology firm set up by former Barclays chief Antony Jenkins, has hired Lazard in a bid to raise a $100 million Series C funding round next year, according to Sky News

The business, which is building the core technology platform for JPMorgan’s forthcoming digital bank launch in the UK and provided the backbone for Westpac’s recently released banking-as-a-service offering, is looking for a new injection of funding in anticipation of further deals with leading banks in and beyond Europe.

The capital-raise will be the first for 10x since a £32m equity injection in the first half of last year, which included a £15 million investment from the UK’s Nationwide Building Society.

More than 100 new employees have joined 10x over the past several months, predominantly in technology roles focused on product and engineering. Amid the global Covid pandemic, 10x staff began working remotely away from its central London offices in early March.