Following this announcement, the new funding round marks an important step in the company’s strategy to optimise and accelerate the development of the banking industry through the use of secure and efficient technology, as well as improved financial solutions.
The funding round was led by the existing investors BlackRock and JPMorgan Chase.
As banks and financial institutions across the world are currently taking place in a significant momentum that happens in the core banking market, 10x officials consider that there is no better time for banking transformation and core modernisation.
According to the official press release, the financial institution will focus on providing optimised resiliency and scale, combined with the flexibility and overall speed that is needed for an accelerated development process. At the same time, 10x will continue its plan to give banks and financial institutions the possibility to deliver banking solutions for their clients and society.
By developing the modern technology platform focused on a secure customer experience, 10x is also committed to optimise the manner in which banks and financial institutions develop the operation processes in response to a rapidly evolving financial sector. This process will be catalysed in part by the dominance of digital transactions and customer demand for improved control and flexibility around the way FIs manage their funds and money.
10x Banking will also focus on more strategic expansions across multiple geographic areas, as financial institutions actively aim to adopt a neo-core banking system. This is expected to accelerate their overall digital transformation and to grow in an increasingly competitive process to attract and retain users and customers. 10x Banking’s recent strategy of development
Cloud-native SaaS core banking platform 10x Banking had multiple collaborations and product launches in the last couple of months, covering multiple geographic areas across the globe.
At the beginning of January 2024, 10x Banking announced its partnership with Mast in order to enable real-time solutions for the UK mortgage market. Throughout this announcement, the strategic deal between the companies enabled real-time connectivity between their systems. An API integration guide on 10x Docs was set to also be released, which offered UK mortgage lenders a quick, safe, and simple integration path.
Earlier in November 2023, Trade Ledger announced its partnership with 10x Banking in order to optimise commercial lending with safe and comprehensive account creation and lending services. Following this announcement, the firms were expected to focus on offering banks and alternative lenders a secure, modern, and composable banking proposition in order to improve the manner in which they offer working capital to SMEs.
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