London-based 10x Future Technologies, which helps established banks add or retool their existing tech offerings via its SaaS platform, raised $187M Series C
Ingrid Lunden / TechCrunch :
Context & Ripple Effects
10x Future Technologies has stretched its funding curve across four years: after a $46M Series A in 2017 to modernize large banks on legacy infrastructure, it has now closed a $187M Series C — the biggest single step-up among the London bank-infrastructure names in this coverage cycle.
The round lands mid-cluster: weeks later, Form3 pulled in a $160M Series C led by Goldman Sachs for cloud payments, and TrueLayer raised $130M at a $1B+ valuation for account connectivity. Investors are simultaneously underwriting every layer of the incumbent-bank stack — core retooling, payments rails, data plumbing, and compliance tooling like SteelEye's regulatory SaaS — with London as the center of gravity.
First-order effects
- 10x gains the balance sheet to sell its SaaS platform into large banks whose own modernization programs are slow and expensive, positioning it against in-house IT rather than other vendors.
Second-order effects
- Adjacent London vendors serving the same bank customers — Form3 in payments, TrueLayer in connectivity, Finbourne in data organization — now compete with a far better-capitalized rival for the same integration budgets and the same scarce bank-tech engineering talent.
Third-order effects
- If the pattern holds, incumbent-bank technology consolidates around platform vendors rather than bespoke internal builds, reinforcing London's pull ahead of Paris as Europe's leading tech hub per Dealroom's ranking.
The trend: Core-bank modernization is shifting from in-house projects to well-funded SaaS platforms concentrated in London, which Dealroom now ranks as Europe's leading tech hub.