In today’s top news in digital-first banking, 10x Future Technologies has closed a Series C funding round, while Unit has raised funds in a Series B round. Plus, Nutmeg will soon become part of J.P. Morgan Chase.
10x Future Technologies, a FinTech based in the United Kingdom, has wrapped up a Series C funding round with $187 million. The firm intends to harness the infusion to grow into North America and other markets. “With our microservices architecture and [application programming interface (API)]-first design, our platform has been purposefully designed to enable the world’s largest banks to transform their customer experience and economics,” 10x Founder, Chair and CEO Antony Jenkins said in an announcement.
Unit, a Banking-as-a-Service (BaaS) platform, has landed $51 million in a Series B funding round. Accel headed up the round, while existing investors TLV Partners, Flourish Ventures, Aleph and Better Tomorrow Ventures also took part. “All of our initiatives, from new product features to content, are designed to make it even easier for companies to launch new banking products,” the company said in an announcement. “To that end, today we are also announcing the launch of Unit Go, the first-in-market solution that will allow companies to create live bank accounts and issue physical and virtual cards in minutes.”
Nutmeg, a British digital wealth manager, will soon become part of J.P. Morgan Chase. Nutmeg CEO Neil Alexander wrote in a company blog post that Nutmeg “will form the bedrock of the bank’s retail digital wealth management offering internationally over the long term, complementing the launch of Chase as a digital bank in the U.K. later this year.” Nutmeg and J.P. Morgan will work together on “further developing our offering to the benefit of our investors” when the deal is finalized later in 2021 once approvals are obtained.