Ex-Barclays boss bags $46m for Fintech start-up

Antony Jenkins Barclays

Ever since Barclays ousted Antony Jenkins as chief executive officer in 2015, he has been warning the banking industry to embrace new technology or face a "Kodak moment" of obsolescence.

Bloomberg News reports that now Jenkins has the opportunity to practice what he preaches.

His fintech startup, 10X Future Technologies Ltd., announced it has raised 34 million pounds ($46 million) in a Series A round led by Ping An Insurance (Group) Company of China Ltd., a financial services firm in Shenzhen, and Oliver Wyman, a consulting firm owned by New York-based Marsh & McLennan Companies Inc.

The value of the investment is 17 times greater than the median of other early-stage fundraising deals in global fintech startups in the second quarter, according to data from CB Insights, a New York research firm.

"Twelve months ago my expectations were this is going to be a long process," Jenkins, 56, said in an interview. "Since I’ve started this firm, multiple banks around the world have been telling me they have a problem they can’t solve. But they don’t have a choice. They they won’t be able to compete in this new world where data is king."

Hit the link below to access the complete Bloomberg News article:

Ex-Barclays CEO Jenkins Bags $46 Million for His Fintech Startup

BlackRock Sells Singapore Office Tower for $1.5 Billion

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News