A UK startup founded by a former Barclays Bank CEO which provides banking technology for JP Morgan’s UK digital bank says it has not seen as much growth across Europe as it wants but it’s “starting to see quite a lot of interest” across the continent.

Founded by Antony Jenkins, 10x Banking, last publicly valued at around £600m in 2021, provides core, cloud-based banking software for banks and businesses. Its clients include JP Morgan’s Chase, Westpac, the Australian bank and Old Mutual, the pan-African financial group.

Matt Mills, 10x Banking chief revenues officer, said:

“I think we have not seen as much growth from continental Europe as we would like.

“We are starting to see quite a lot of interest from continental Europe. But there hasn’t been many projects on neo-cores in Europe whereas in Africa we have seen a fair bit.

“We are also seeing a fair bit in Australasia and we are seeing quite a lot of growth across Asia at the moment.”

Asked about the slowness of European growth, Mills said: “I think every market in Europe is subtly different.”

He said demand was ignited for its SaaS products by new entrants to the market and potential clients having “substantive” issues with the current technology.

“If you don’t have a burning pain”, then changing banking technology is “probably not at the top of your priority list,” he added.

10x Banking has published research on modern banking and the role technology plays.

Interviewing banking and financial services tech decision makers, it found that 93 per cent of those surveyed found that their company’s future success depends on choosing the right core banking solution while 46 per cent plan to migrate to third-party cloud-native platforms within 12 months.

The research also found that 55 per cent of IT leaders encounter constraints with their current core systems, hindering their progress towards business objectives.

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