Antony Jenkins explores sale of fintech company 10X amid market challenges

In the UK, Antony Jenkins, the former chief executive of Barclays, is currently negotiating the potential sale of 10X, a financial technology company he founded in 2016 after being dismissed from his previous role. He launched 10X with the vision of addressing the challenges lenders face as they shift away from traditional branch networks, a transition he believed was negatively impacting customer experiences and shareholder value. Over the years, 10X has expanded its operations to serve clients across three continents, indicating its growing reach in the fintech sector. Recently, Jenkins and 10X's board have been in contact with financial advisers to gauge interest from prospective buyers. They have been collaborating with the investment bank Moelis to facilitate exploratory discussions. Although these conversations are ongoing, industry sources note that no formal sale process has been initiated, and a transaction is not expected imminently. This situation reflects the uncertain valuation landscape in the tech sector, where many companies have seen declines in their market worth lately. The company last secured approximately $50 million in funding about a year and a half ago, showcasing its capacity to attract investment despite the challenging economic environment. At one point, 10X was valued at over £500 million, but given the current market conditions, any forthcoming transaction may not reach similar figures. Insiders have mentioned the anticipation of the company achieving profitability by the end of this year. This prospect may enhance its attractiveness to potential buyers, although it remains to be seen how the changing tech landscape will impact buyer sentiment. Jenkins’s venture into fintech and his challenges in potentially selling 10X illustrate the broader issues within the financial technology industry, particularly as it adapts to a rapidly evolving market. The company has developed a reputation for promoting innovative banking solutions, but like many tech firms, it faces pressures from shifting investor expectations and economic conditions. As the financial landscape continues to evolve, the strategic decisions made by leaders like Jenkins will be crucial in determining both the future of their companies and their ability to withstand market fluctuations.