10x Banking, a cloud-native core banking platform provider whose technology underpins major institutions such as Westpac and Chase UK, has secured £40m in new capital from AshGrove Capital.
The funding follows a sustained stretch of profitability for the company, which turned EBITDA-positive over the past 12 months. During that same period, 10x Banking passed the milestone of 10 million live customer accounts, brought more than 10 new financial institutions onto its platform and lifted annual recurring revenue by upwards of 30%.
The capital injection will be channelled into scaling the firm’s sales operations and go-to-market activity as it pursues global expansion. AshGrove Capital, which backs fast-growing B2B software and services firms across Europe, comes on board as a new investor, drawn by the company’s revenue trajectory, cost discipline and a customer base that has deepened its use of the platform over time.
According to the company, its recent performance reflects rising appetite among financial institutions to replace ageing infrastructure that cannot operate in real time, sustain ongoing product development, or deliver the data capabilities and adaptability needed for AI-driven banking.
10x Banking offers a fourth-generation, cloud-native core banking platform built for real-time operations, continuous product innovation and AI-enabled financial services. The technology helps banks overhaul legacy systems, cut operational complexity and bring new products to market more quickly.
10x Banking founder, chair and CEO Antony Jenkins CBE said, “Financial institutions have a clear ambition to innovate, but many remain constrained by infrastructure that was not built for real-time, digital banking.
“We created 10x to remove those constraints, enabling financial institutions to launch products faster, serve customers in real time and compete more effectively. Our platform is now proving its value at significant scale. AshGrove’s investment is a strong endorsement of the progress we have made and will help us meet growing demand from banks around the world.”
AshGrove Capital co-founder and managing partner Phil Fretwell said, “10x Banking has built one of the most compelling technology platforms in core banking today. Delivering a cloud-native platform at enterprise scale is exceptionally difficult, yet 10x has already proven its capabilities across millions of live accounts and with some of the world’s leading financial institutions.
“We believe the company is well positioned to benefit from powerful industry tailwinds as banks continue replacing legacy systems with more flexible, real-time and AI-ready infrastructure. With a proven platform and deep domain expertise, we see a significant opportunity for 10x to continue expanding its role in the next generation of banking technology.”
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