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According to media reports, 10x Banking, the cloud-native technology vendor founded by former Barclays CEO, Antony Jenkins, is exploring a possible sale of the business. Sky News has revealed that core banking specialist 10x has apparently employed the services of advisers (including investment bank, Moelis) to support discussions with potential buyers. The news comes just over a year since the technology vendor secured a further cash injection of $50m from two of its existing investors, Blackstone and JPMorgan Chase. At that point the banking technology vendor carried a valuation of $500m.
The market for core banking systems remains extremely tough and 10x faces stiff competition from other cloud-native startups such as Thought Machine and Mambu, as well as established market leaders such as Temenos and FIS (see: UK Banking SITS Suppliers, Trends and Forecasts). Despite this, the vendor has managed to secure a number of high-profile clients, including JPMorgan Chase in the UK, African financial services giant, Old Mutual, and Australian Bank, WestPac. For the most part however, 10x has always been considered by many in the industry as playing catch up on its larger, more successful rivals.
