Banking tech startup 10x reduces annual losses by 7% to £55m as top executive exits

10x, founded by former Barclays CEO Antony Jenkins, is one of a new wave of banking tech companies providing software to banks and other institutions.
Banking tech startup 10x reduces annual losses by 7% to £55m as top executive exits

The UK banking tech startup founded by former Barclays CEO Antony Jenkins has reported a seven per cent reduction in annual losses in 2023 to £55.1m as its chief operating officer exits the startup. 

10x, founded in 2016, sells software to banks and is one of several players looking to disrupt the existing banking model, by offering banks and financial institutions what it says is bite-sized, speedy and cheap banking technology.

10x has snapped up clients including JP Morgan, whose UK digital bank Chase runs on its software; Westpac, the Australian bank; and Old Mutual, the pan-African financial group. Earlier this year, it announced a £35 million funding round led by existing investors BlackRock and JP Morgan, marking its first funding round since 2021, when 10x Banking was valued at around £600 million.

Figures for 10x Holdings, the parent company of 10x, show it reduced its losses from £59.6m in the year ending 2022 to £55.1m in the year ending 2023. Turnover remained around level year on year at £21.8m. The accounts show that in 2023 10x secured funding of £35m through an unsecured convertible loan note, through existing investors, of which £15m was drawn down on by December last year.

It said: “The funding, from existing investors, will fund operations up to and beyond the point of projected break-even and net operating cash inflows in 2025.” It said that it had £16.1m of cash in the bank at the end of 2023.

Headcount has been reduced from 401 to 327 over the year while the highest paid director, presumably Jenkins, was paid £500,000. Curt Hess, 10x’s chief operating officer/chief financial officer left the business in June this year.  Hess previously worked at Barclays as the CEO of its US customer business.

Hess is now US executive president at payments firm Vitesse PSP Limited.

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