JP Morgan to take stake in 10x Technologies
According the publication, Jenkins, who left Barclays in 2015 due to a conflict in priorities with the bank, says JP Morgan’s interests are vindication of his view that lenders cannot afford to let better data aggregators disintermediate their relationships and push them down the value chain into more regulated and less profitable activities.
He says that 10x Future Technologies provides ways for banks to stop this happening to them by taking customer data from multiple, museum-piece, product-led systems and having it exist in only one place without duplication or fragmentation — speeding up interactions, service provision and decision-making.
As per Sky News, Jenkins’ company would recruit “hundreds more” analysts.
In the UK, 10x lost its first major client, Virgin Money, when the bank was taken over by CYBG and moved onto its acquirer’s IT platform. Soon after, Nationwide Building Society invested £15 million with 10x to serve small business customers.