As a part of series B funding, 10x Future Technologies has secured $10 million funding from the UK based Nationwide Building Society. Founded by former Barclays boss Antony Jenkins, 10X Future Technologies suffered a major setback when CYBG acquired Virgin Money which cost a major core banking deal to this financial technology firm. Virgin Money was a major client and played an important role in 10x Future Technologies’ growth trajectory.
Nationwide plans to use the 10x cloud-native platform as a development springboard for business banking products. Acquiring a minority shareholding with this investment will serve as a bonus for Nationwide financial technology disruption goals. This deal will enable the UK based organisation to offer its customers modern mobile and online banking services aligned to its branch-based physical network.
Joe Gamer, Chief Executive of Nationwide Building Society, said: “We believe we can become the game changer in the business current account market- just as we have for personal accounts. As a mutual building society, we are uniquely positioned to focus on our member and meet the dynamic needs of today’s technologically driven market.” Nationwide stands for serving people on their terms and to a high standard of sophistication. Investment in future technology and the traditional branched network that spans nationally are mutually beneficial goals.
Last year, Nationwide decided to launch business current account services to support the growing needs of UK’s 5.7 million small businesses. From tradespeople and sole traders to owner managed businesses, the Nationwide Building Society has around 15 million members. With this new offering, their business network is expected to grow exponentially, further giving support to businesses amidst growing tensions over Brexit.
Antony Jenkins, Founder and Executive Chairman of 10x Future Technologies, said: “Nationwide is one of the UK’s most trusted and service-centric brands and our digital delivery team looks forward to supporting the Society in setting new standards in business banking- just as good digitally as it is in branch banking services.” These deals serve 10x Future Technologies’ ambition to digitally transform banking.
Based in the UK, Nationwide is a savings and mortgage provider which also provides services related to current accounts, credit cards, ISAs and personal loans. On the other hand, 10x Future Technologies aims to transform the banking sector using their native cloud platform- The 10x Super Core. A partnership between these two will see a mix of innovation and disruption in traditional banking norms.