10x Future Technologies’ £32 Million Series B fundraising

DLA Piper has advised fintech banking start-up 10x Future Technologies (10x) on its £32 million Series B funding round.

A number of investors participated in the Series B funding including Nationwide, the world’s largest building society, China’s Ping An and global managing consulting firm Oliver Wyman.

Nationwide invested £15m in 10x. The investment gives Nationwide a minority shareholding aimed at creating a true partnership approach to designing and building an innovative digital platform for the building society’s new business current account, which will be launched towards the end of the year in support of the UK’s 5.7 million small businesses.

The DLA Piper team was led by London-based Corporate partner Tom Heylen (Picture), assisted by senior associate John Pryor and associates Dylan Kennett and Timothy Harding. Commenting on the transaction, Tom Heylen, said: “We are delighted to have advised 10x on this landmark transaction and support them on their ambition to transform banking.”

10x was founded in 2016 by Antony Jenkins, former Group CEO of Barclays, and is a next-generation, cloud-native technology platform.

Involved fees earner: Timothy Harding – DLA Piper; Tom Heylen – DLA Piper; Dylan Kennett – DLA Piper; John Pryor – DLA Piper;

Law Firms: DLA Piper;

Clients: 10x Future Technologies Limited;