10x Future Technologies, a FinTech that helps banks build new services, has raised $187mn.
10x Future Technologies aims to offer established banks the tools to help their services work more efficiently.
It also helps them build “next-generation” services.
According to TechCrunch, the FinTech’s latest raise brings the companies valuation to around $700mn.
What does this mean?
As FinTech challengers grow, they are not just threatening to take a share of banks’ customers (though so far it’s been a fairly small share), they are also heightening expectations of what a banking experience should look like. This leaves banks with a challenge to transform their legacy systems and keep up with changing expectations. 10x is aiming to help banks keep up by helping transform their systems.