10x Banking, a cloud-native core banking platform, has raised £40 million to support global expansion and increased go-to-market activity
10x Banking, the 4th-generation core banking platform that powers some of the world’s largest financial institutions including Westpac and Chase UK, announced it has raised £40 million in funding from AshGrove Capital after returning a sustained period of profitability.
„In the last 12 months, 10x Banking became EBITDA-positive, surpassed 10 million live accounts, onboarded more than 10 new financial institutions and increased annual recurring revenue (ARR) by over 30%. These results reflect demand from financial institutions seeking to modernise legacy infrastructure that was not designed to operate in real time, support continuous product innovation, or provide the data and flexibility required to support AI-enabled banking.” – according to the press release.
Antony Jenkins CBE, Founder, Chair and CEO of 10x Banking, 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.”
The investment will support the continued expansion of 10x Banking’s sales and go-to-market capabilities. AshGrove Capital, an investor in high-growth B2B software and services businesses across Europe, joins 10x as a new investor.
Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital, 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.”
Nadir Guessoum, Chief Financial Officer, 10x Banking, said: “Achieving EBITDA profitability while continuing to grow ARR demonstrates the commercial progress we have made, and AshGrove’s investment reinforces confidence in the business and our strategy.”
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10x Banking provides a cloud-native core banking platform designed for real-time banking, continuous product innovation and AI-enabled financial services. The platform supports more than 10 million live customer accounts and is used by leading financial institutions including Westpac and Chase UK. 10x Banking helps banks modernise legacy technology, reduce operational complexity and launch new products faster.
