The world is changing fast, and particularly the world of money and finance. New approaches to how we bank, pay, buy and borrow are rapidly emerging. No matter what industry, consumers increasingly embrace and expect digital. Businesses, both consumer-facing and B2B, are reassessing their approach to meet these shifting demands. The pandemic has been an additional factor, accelerating broader changes we see taking place.
Two questions have fascinated me throughout my career in financial services:
- Why are banks so focused on product, rather than the customer?
- Why haven’t we seen real technology-led transformation in financial services?
10x Future Technologies was set up specifically to provide a customer centric, cloud native operating system for banks in answer to these questions.
When it comes to banks, they essentially do six things. They make and receive payments, borrow and lend money, manage risk and ultimately provide information on the first five things.
With the power of technology increasing all the time and its cost coming down, it became clear that we could create a totally different approach to banking – an approach for the world of tomorrow, rather than for yesterday.
We created one that was customer-centric by design, rather than product-centric, and one fundamentally leveraging new cloud native technologies. We saw a way to help banks deal with the core challenges around them that essentially relate to how they can serve customers, use technology and data better, and ultimately improve the economics of the entire industry.
Our people have a blend of banking and leading-edge technology experience. We know what great looks like and the platform is deliberately engineered to deliver 10x capability to the world’s banks.
After five years of working with our foundation clients, we are now ready to massively scale the business.
That is why I am delighted with our successful Series C investment round and pleased to welcome funds managed by BlackRock and Canada Pension Plan Investment Board, who join our existing shareholders, including Australia’s Westpac, Britain’s Nationwide Building Society and JPMorgan Chase.
Our team is incredibly proud of the clients and investors who have put their trust in what we do.
This investment supports our ultimate ambition to scale our cloud native SuperCore™ platform to 1 billion end-user customers worldwide within the next decade and our aspiration to become the global bank operating system of choice, empowering our clients to make their customers’ lives much easier.