Antony Jenkins Explores Sale of Fintech Company 10x
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Background of 10x
Former Barclays CEO Antony Jenkins is considering the sale of his fintech company, 10x, which he founded nearly a decade ago. The company was established in 2016 following Jenkins’ unexpected departure from Barclays and aims to offer banking technology as a service to major international banks seeking to enhance their digital customer services.
Recent Developments
According to sources close to the matter, Jenkins and the 10x board have engaged with advisers in recent months to discuss potential buyers. Investment bank Moelis has reportedly been involved in exploratory talks regarding the sale.
No Official Sales Process Yet
Despite the talks, insiders have stated that no formal sales process is underway, and any transaction is not expected in the immediate future. This opens the door for continued discussions as the company evaluates its position in the fintech landscape.
Growth and Client Base
Since its inception, 10x has gained significant traction, attracting investments totaling hundreds of millions of dollars from notable backers like BlackRock and JP Morgan. Currently, the company serves clients across three continents and anticipates future opportunities within its pipeline.
Path to Profitability
Recent reports suggest that 10x could achieve profitability by the end of this year. The company last raised funds approximately 18 months ago, securing around $50 million in additional investment, reflecting continued confidence in its business model and technology solutions.
Challenges and Market Conditions
While the company was once valued at over £500 million, the decline in valuations across the tech sector could influence any potential sale, reducing its worth compared to earlier estimates. This presents challenges for Jenkins and his team as they navigate the current market dynamics.
Conclusion
As discussions regarding the sale of 10x continue, the fintech community watches with keen interest. Antony Jenkins, while refraining from commenting on the situation, remains at the helm of a company poised to reshape banking technology solutions for a digital future.