10x Banking expands footprint into Africa

By Delisha Fernandes

10x Banking, a cloud-native SaaS core bank operating system, has partnered with Old Mutual in order to continue its expansion into Africa.

The company will begin its expansion in the region of South Africa. At the same time, 10x Banking will provide its suite of solutions and expertise in order for it to be adopted by major financial solutions organisations, such as Old Mutual. This process will continue with the development of new tools that will drive financial inclusion for multiple unbanked communities in the region.

Matt Mills, Chief Revenue Officer, 10x, said, ” These are the markets where we see a significant shift to a more customer-centric mindset among banks. Banks can see the issue for themselves and come to us because they have a creaky core, unfit for rolling out financial products which meet the increasing demand among their customers for a better, digital-first user experience.”

Old Mutual is among a growing number of major financial institutions working with 10x to develop new products that will drive financial inclusion for unbanked populations.

10x’s international expansion closely follows its $45m (£35m) funding round announced in January, as it continues to capitalise on the significant momentum in the core banking market, underpinned by big banks actively looking to adopt neo-core banking systems to accelerate their digital transformation and thrive in an increasingly competitive battle to win and retain customers.

Old Mutual is actively looking to serve those who have bank accounts but are severely underserved, with their day-to-day money management needs not met by what’s currently available. It is also taking proactive steps to address the barrier of financial literacy across the continent, through a truly customer-centric approach.

Antony Jenkins, founder and CEO, 10x, said, “By 2025, over half a billion people on the continent will have access to mobile internet, providing a platform for them to make payments, source financial advice, secure loans to buy a home or start a business. This opens up a huge set of opportunities for the underbanked and unbanked, which in turn drives economic growth. Working with major players in the financial services space, including Old Mutual whom we are delighted call a customer, we are proud to be at the heart of banking transformation in the most exciting markets with huge potential for growth.”