- Core banking platform 10x Banking has teamed up with Australian asset manager and lender Remara.
- Remara will use 10x Banking’s core banking platform to bring new lending and investment solutions to market faster.
- Headquartered in London, 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023.
Cloud-native core banking platform 10x Banking announced a partnership with Australian asset manager and alternative lender Remara. The firm will leverage 10x Banking’s core banking platform to launch new mortgage, commercial lending, term investment, and novated lease products faster.
The Sydney-based firm sought a partner that could support the unique financial products Remara offers to its clients. The company highlighted 10x Banking’s API-first and event-driven architecture, which will enable Remara to bring new products to market quickly and give the company the control it needs to differentiate its offerings. The new core banking platform will also support Remara as it scales across Australia and the Southeast Asian region. The company noted in its partnership statement that the APAC core banking market is expected to grow by more than 10% CAGR through 2032.
“Remara’s decision to select 10x reflects both the maturity of Australia’s alternative lending scene and the broader shift towards next-generation core technology in the region,” 10x Banking Founder and CEO Antony Jenkins said. “We’re committed to supporting innovative financial providers that make banking better for everyone. Our partnership with Remara is the latest proof point that cloud-native platforms deliver real differentiation and tangible value, both to businesses and end users. This is our ninth ANZ client, underlying the impact our local strategy is having for new and established players.”
Headquartered in Sydney, New South Wales, Australia, Remara is an alternative asset manager that offers specialty finance, middle-market lending, and tactical credit strategies that are not typically available to investors via banks or traditional brokers. Remara offers at-call, 6-month, and 12-month cash management funds; investment grade, high-yield, and credit income funds; as well as a real estate fund that provides exposure to small and medium scale developments. Founded in 2019, Remara has more than $3 billion AUD in assets under management.
“10x Banking’s platform puts us in the driving seat for product and delivery flexibility, letting Remara go to market faster with innovative, specialist lending solutions that really meet our customers’ needs,” Remara Managing Partner Andrew McVeigh said. “Australia’s financial services sector is modernizing fast, and being able to offer something different to the market is vital. With 10x, we can do that, building on a best-of-breed core foundation and executing on our vision for growth.”
10x Banking was founded in 2016, and won Best of Show in its Finovate debut at FinovateEurope 2023. The company’s technology enables banks to deploy next-generation core banking solutions via a cloud-native, SaaS core banking platform. This empowers firms to deliver new products, services, and customer experiences to customers—both retail and corporate—faster and with less cost. 10x Banking’s partnership announcement with Remara comes a little over a month after the company reported that it was working with Audax Financial Technology to help banks in Asia Pacific, Europe, and the Middle East scale new digital products and services and modernize their core banking systems.
Photo by Johnny Bhalla on Unsplash
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