Antony Jenkins, former chief executive of Barclays, is reportedly considering the sale of 10x, the banking technology startup he established nearly ten years ago.
According to insights from Sky News, Jenkins and the board of 10x have engaged advisers to explore potential acquisition opportunities in recent months. Sources within the city indicate that the investment bank Moelis has been providing guidance on these discussions.
In January of the previous year, 10x secured $50 million in new funding from its current investors, Blackstone and JPMorgan Chase. At that time, the company was valued at $500 million, boasting a noteworthy client roster that includes Westpac in Australia, JPMorgan Chase in the UK, and Old Mutual in Africa.
An insider has indicated that the company is projected to reach profitability by the end of this year.