Ping An leads £34m series-A for 10x Future Technologies

The funding round will be used to undertake a recruitment drive, with the business looking to employ prefessionals in tech, banking, artificial intelligence and data analytics. 10x Future Technologies will also begin marketing its services in Asia.

Prior to the deal, founder Anthony Jenkins, a former Barclay’s CEO, owned more than 75% of the company.

Other Chinese investors are pursuing similar activities. China-backed Silk Venutres, launched earlier this year, is aiming to use its $500m fund to snap up European and US tech firms and expand their services into the Asian market.

Company
Founded in October 2016 by former Barclay’s CEO Anthony Jenkins, the firm focuses on modernising the back-office technology used by banks, focusing on the way customer data and interactions are handled. It is currently building a digital bank for Britain's Virgin Money, which is due to be launched in 2018.

People
10x Future Technologies – Anthony Jenkins (founder & CEO).
Ping An Voyager Fund – Jonathan Larsen (Chairman & CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Venture