The British banking tech startup, founded by former Barclays CEO Antony Jenkins has reported a seven percent reduction in annual losses to £55.1 million in 2023 as its Chief Operating Officer leaves the startup.

Founded in 2016, 10x sells software to banks and is one of several players seeking to disrupt the existing banking model by offering banks and financial institutions what it claims are compact, fast and affordable banking technology.

10x has signed up clients including JP Morgan, whose UK digital bank Chase runs on its software; Westpac, the Australian bank; and Old Mutual, the pan-African financial group. Earlier this year, the company announced a £35 million funding round led by existing investors BlackRock and JP Morgan. This is its first funding round since 2021, when 10x Banking was valued at around £600 million.

Figures for 10x Holdings, the parent company of 10x, show it reduced its losses from £59.6m in the year to 2022 to £55.1m in the year to 2023. Revenue remained roughly flat year-on-year at £21.8m. Accounts show 10x raised £35m in funding in 2023 through an unsecured convertible bond via existing investors, £15m of which had been drawn down by December last year.

It said: “Funding from existing investors will fund operations to the forecast break-even point and net cash flows from operations in 2025 and beyond.” By the end of 2023, the company will have £16.1 million in cash in the bank, it said.

Headcount was reduced from 401 to 327 during the year, while the highest-paid director, believed to be Jenkins, received £500,000. Curt Hess, 10x’s Chief Operating Officer/Chief Financial Officer, left the company in June this year. Hess previously worked at Barclays as CEO of US client business.

Hess is currently Executive President of US payments company Vitesse PSP Limited.