10x Banking Partners with Old Mutual to Expand into African Markets
10x Banking, the transformational cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, has announced a partnership with Old Mutual as it expands into Africa and scales its evolving core banking system into new markets in response to growing demand.
10x’s expansion into Africa, starting in South Africa, will see its solution used by major financial services companies, including Old Mutual, Africa’s second largest financial institution, to develop new products that will drive financial inclusion for unbanked populations – a move that closely follows its launch in Australia and New Zealand last year. Further afield, 10x is seeing growing interest in its platform worldwide among banks in India, Sri Lanka, Vietnam and the USA, and looking further ahead it expects to work closely with banks in Canada, pan-Africa and central and southern Europe.
These are the markets where we see a significant shift to a more customer-centric mindset among banks. Banks can see the issue for themselves and come to us because they have a creaky core, unfit for rolling out financial products which meet the increasing demand among their customers for a better, digital-first user experience.
Matt Mills, Chief Revenue Officer, 10x
10x’s international expansion closely follows its $45m (£35m) funding round announced in January, as it continues to capitalise on the significant momentum in the core banking market, underpinned by big banks actively looking to adopt neo-core banking systems to accelerate their digital transformation and thrive in an increasingly competitive battle to win and retain customers.
Old Mutual is actively looking to serve those who have bank accounts but are severely underserved, with their day-to-day money management needs not met by what’s currently available. It is also taking proactive steps to address the barrier of financial literacy across the continent, through a truly customer-centric approach.
It’s clear that in Africa the big driver is digital. By 2025, over half a billion people on the continent will have access to mobile internet, providing a platform for them to make payments, source financial advice, secure loans to buy a home or start a business. This opens up a huge set of opportunities for the underbanked and unbanked, which in turn drives economic growth. Working with major players in the financial services space, including Old Mutual whom we are delighted call a customer, we are proud to be at the heart of banking transformation in the most exciting markets with huge potential for growth.
Antony Jenkins, Founder and CEO, 10x
Having created the modern technology platform focused on a seamless customer experience that powered J.P. Morgan Chase’s entry into the UK retail banking market, 10x is committed to helping banks transform the way they operate in response to a rapidly-evolving financial sector, catalysed in part by the dominance of digital transactions and consumer demand for greater control and flexibility around the way they manage their money.
