Remara selects 10x Banking for core modernisation drive
10x Banking has signed a multi-year partnership with Remara, as the Australian alternative asset manager and lender selects the UK firm's cloud-native core banking platform for its lending and investment products.
Remara said it will deploy the 10x Banking platform as part of a core modernisation programme. The company operates in asset management and private lending in Australia and has activity across credit and real assets.
Remara said it plans to use the platform as it rolls out new products. These include mortgages, commercial lending, term investments and novated lease offerings.
Product roadmap
Remara positions itself as a specialist provider in alternative finance. It said it expects product launches to feature more specialist lending solutions.
Andrew McVeigh, Managing Partner at Remara, linked the project to speed and flexibility in product delivery.
"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. Australia's financial services sector is modernising 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," said McVeigh.
The partnership adds another reference customer for 10x Banking in the Australia and New Zealand market. The company said Remara represents its ninth client win in the region.
Regional growth
10x Banking has been building out its ANZ footprint through direct deals and partnerships. The company cited recent wins secured through its partnership with Constantinople. It also referenced a collaboration with The Co-operative Bank of New Zealand.
Antony Jenkins, Founder and CEO of 10x Banking, framed the deal as a sign of wider market conditions in Australian alternative lending and core banking replacement.
"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. 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, underlining the impact our local strategy is having for new and established players," said Jenkins.
Core modernisation
The deal lands amid a wider push in Asia-Pacific towards replacing or upgrading core banking systems. Remara's selection process included a market review, according to the companies.
10x Banking said Remara looked for a platform that could support tailored offerings for underserved segments. Remara also cited plans that extend beyond Australia and into Southeast Asia.
The companies said Remara selected a platform with an API-first and event-driven architecture. They linked that architecture to faster product rollouts and more control over product configuration.
Market forecasts continue to point to sustained spending in the category. Research and Markets has projected the Asia-Pacific core banking software market will grow at a compound annual growth rate of 10.6% through 2032.
Remara said it has more than AUD $2.8 billion in assets under management. It invests across credit, real estate, and tactical opportunities, and it operates complementary businesses across capital raising, private lending, and alternative asset management.
10x Banking sells a cloud-native core banking platform to banks and other financial institutions. The company said it has deployments with Westpac, Chase and Old Mutual. It has operations in London, Sydney and Singapore.
Both companies said the work will run across multiple years, with Remara using the platform as it expands its product set in Australian alternative finance and develops its regional strategy in Southeast Asia.