Old Mutual has partnered with the business of former Barclays CEO Antony Jenkins to power the operating system of the new banking platform it plans to launch by year-end.
London-headquartered 10x Banking, which describes itself as a "cloud-native software as a service (SaaS) core bank operating system," was founded by Jenkins in 2016 after he left Barclays the year before.
He had the idea of providing legacy and neo-banking ventures with a cost-effective plug-and-play modular core banking platform. Despite the 10x brand, the business has no links to 10x Investments, the employee benefits and retirement solution provider that is owned by Old Mutual's private equity arm.