Ex-Barclays chief Jenkins gets Ping An backing for fintech startup
Former Barclays chief executive Antony Jenkins has raised £34 million in a funding round led by Chinese insurer Ping An to help bring his new fintech startup to Asia, according to the Financial Times.
Consulting firm Oliver Wyman has also joined the round for 10x Future Technologies, which Jenkins founded last year, offering a cloud-based plug-and-play platform that promises to knit together the disparate legacy systems of incumbent banks to provide new insights on customer data and more responsive products.
Ping An recently hired Citi veteran Jonathan Larsen to lead a new $1 billion venture fund for investing in early stage fintech and healthcare tech firms around the world, as China’s biggest insurer looks to expand beyond its home market.
In addition to putting in money, Ping An and Oliver Wyman have both committed to partnerships with 10x, helping the firm bring its technology to banks, particularly in Asia, says the FT.
Ousted from Barclays in July 2015, Jenkins has become a passionate advocate of the need for radical tech-driven change in traditional banking practices. He is using 10x technology to build a digital bank for Virgin Money in the UK.