Ex-Barclays CEO Jenkins Secures £40m Funding for 10x Banking Platform

POLICY WIRE — London, UK — Antony Jenkins, the former CEO of Barclays, has successfully raised £40 million in funding for his technology platform, 10x Banking. The platform aims to revolutionize the banking sector by providing a comprehensive, modular solution for financial institutions.

Jenkins, who led Barclays from 2012 to 2015, announced the funding round in a statement released today. “10x Banking is designed to offer banks a flexible, scalable solution that can be tailored to their specific needs,” Jenkins said. “This funding will enable us to accelerate our development — and bring our vision to life.”

The funding was led by several prominent venture capital firms, including Accel Partners — and Passion Capital. Other investors include former executives from major financial institutions, demonstrating a strong industry backing for the project.

10x Banking’s platform is built on open-source technology and is intended to be a modular system that can be integrated into existing banking infrastructures. The company claims that its solution can reduce the cost and complexity of banking operations, allowing institutions to offer better services to their customers.

The announcement comes at a time when the banking sector is under increasing pressure to innovate and adapt to changing customer expectations. Traditional banks are facing competition from a growing number of fintech startups, which are leveraging technology to offer more convenient and cost-effective services.

Jenkins has been a vocal advocate for change within the banking industry. During his tenure at Barclays, he pushed for a customer-centric approach and criticized the sector for its focus on short-term profits over long-term value. His new venture reflects a continued commitment to transforming the financial landscape.

The successful funding round positions 10x Banking for significant growth — and development. The company plans to use the capital to expand its team, enhance its technology, and forge partnerships with banks around the world.

Reporting by Policy-Wire (PW)