Banking Expansion Into Africa Programs 10X


As it grows into new markets and into Africa in response to increasing demand, 10x Banking, the revolutionary cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, today announced a partnership with Old Mutual.

Following its launch in Australia and New Zealand last year, 10x is expanding into Africa. Major financial services companies, such as Old Mutual, Africa’s second-largest financial institution, will use its solution to develop new products that will drive financial inclusion for unbanked populations. The expansion will begin in South Africa. Additionally, banks in the USA, Vietnam, Sri Lanka, India, and other countries are showing an increasing amount of interest in 10x’s platform globally.

“These are the markets where we see a significant shift to a more customer-centric mindset among banks,” commented 10x’s Chief Revenue Officer, Matt Mills, who joined the company last month from fintech scale-up Featurespace. “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.”

10x’s international expansion closely follows its $45m (£35m) funding round announced in January, as it continues to capitalize 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”, commented 10x founder and CEO Antony Jenkins. “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.”