Former Barclays chief Jenkins weighs sale of fintech 10X
Sky News understands that Mr Jenkins and the board of 10X have been working with advisers on discussions with potential buyers in recent months.
City sources said that Moelis, the investment bank, had been involved in advising 10X on exploratory talks.
They added that there was no formal sale process under way and that no transaction was imminent.
10X was set up by Mr Jenkins a year after his unceremonious ousting by Barclays in 2015.
It was established to sell so-called banking-as-a-service technology to major international banks looking to improve their digital services to customers.
Mr Jenkins’s premise for launching the company was that lenders’ transition away from branch networks was delivering poor results for customers and shareholders.
He has raised hundreds of millions of dollars for 10X, securing blue-chip backers such as BlackRock and JP Morgan.
It now has customers on three continents and is said to have additional deals in the near-term pipeline.
One insider said it was expected to become profitable by the end of this year.
10X last raised money about 18 months ago, when it secured roughly $50m of additional funding.
At one point, the business was valued at over £500m.
Declining valuations in many areas of the tech sector mean any sale is unlikely to be worth a similar sum in the near term.
Mr Jenkins declined to comment.
