10x Banking, founded by former Barclays CEO Antony Jenkins, partners with Old Mutual to expand into Africa, meeting growing demand.
Starting in South Africa to drive financial inclusion by developing new products for unbanked populations. This move closely follows its launch in Australia and New Zealand last year. 10x sees increasing global interest, including from banks in India, Sri Lanka, Vietnam, and the USA, planning collaborations in other regions.
“These are markets where we see a significant shift to a more customer-centric mindset among banks,” commented 10x’s Chief Revenue Officer, Matt Mills, who joined the company last month from fintech scale-up Feature space. “Banks recognize the issue and come to us because they have outdated core systems, unsuitable for rolling out financial products meeting the increasing demand for a better, digital-first user experience.”
This international expansion closely follows its $45m (£35m) funding round announced in January, capitalizing on significant momentum in the core banking market. Old Mutual aims to serve underserved bank account holders, addressing the barrier of financial literacy across the continent through a customer-centric approach.
“In Africa, the big driver is digital,” commented 10x founder and CEO Antony Jenkins. “By 2025, over half a billion people on the continent will have access to mobile internet, providing opportunities for payments, financial advice, loans, and economic growth. Working with major players like Old Mutual, we’re proud to be at the heart of banking transformation in exciting markets with huge growth potential.”
With experience creating modern technology platforms that powered J.P. With J.P. Morgan Chase’s entry into the UK retail banking market, 10x commits to helping banks transform their operations in response to a rapidly evolving financial sector, driven by digital transactions and consumer demand for greater control and flexibility in managing money.
