Former Barclays chief Jenkins weighs sale of fintech 10X

The previous Barclays chief Antony Jenkins is exploring a sale of the banking know-how enterprise he based almost a decade in the past.

Sky Information understands that Mr Jenkins and the board of 10X have been working with advisers on discussions with potential patrons in current months.

Metropolis sources stated that Moelis, the funding financial institution, had been concerned in advising 10X on exploratory talks.

They added that there was no formal sale course of underway and that no transaction was imminent.

It was established to promote so-called banking-as-a-service know-how to main worldwide banks trying to enhance their digital companies to clients.

Mr Jenkins’ premise for launching the corporate was that lenders’ transition away from department networks was delivering poor outcomes for purchasers and shareholders.

He has raised lots of of tens of millions of {dollars} for 10X, securing blue-chip backers resembling BlackRock and JP Morgan.

It now has clients on three continents and is alleged to have extra offers within the near-term pipeline.

One insider stated it was anticipated to turn into worthwhile by the top of this yr.

10X final raised cash about 18 months in the past, when it secured roughly $50m of extra funding.

At one level, the enterprise was valued at over £500m.

Declining valuations in lots of areas of the tech sector imply any sale is unlikely to be value an analogous sum within the close to time period.

Mr Jenkins declined to remark.