Virgin Money Inks Deal To Build New Digital Core

The U.K.-based financial services provider has signed on with 10x Future Technologies, the FinTech startup established by former Barclays Chief Antony Jenkins, to help boost its digital capabilities.

Virgin Money will utilize 10x Future Technologies’ cloud-based platform to help provide its customers with tailored financial products by analyzing data in a more sophisticated way, Finextra reported.

“Our advanced data modeling and database design will help to develop an even deeper understanding of each individual customer and offer cutting-edge services for the digital age,” Jenkins, now executive chairman of 10x Future Technologies, stated.

Last year, Jenkins was dismissed as the CEO of Barclays on the orders of the board of directors.

10x Future Technologies, which was formally launched just this week, considers Virgin Money its first major client and was created to help banks unify complex data platforms. The company will use its own APIs to help bring together Virgin Money’s legacy systems into a single network.

“We have a significant brand and scale advantage over digital-only banks, and the partnership with 10x Future Technologies will make Virgin Money more nimble than the large incumbent banks. That’s a very strong combination and a real competitive advantage as we continue to grow,” Virgin Money Chief Jayne-Anne Gadhia stated.