10x Banking, a provider of cloud-native core banking platforms, has secured £40 million in new capital from AshGrove Capital to support its global expansion and sales growth, following a period of sustained profitability and significant customer milestones.
The funding from AshGrove Capital, a new investor, follows a twelve-month period during which 10x Banking achieved EBITDA-positive status. The company also surpassed 10 million live customer accounts, integrated more than 10 new financial institutions onto its platform, and increased its annual recurring revenue by over 30%. The newly acquired capital is designated for scaling the firm’s sales operations and go-to-market activities as it pursues global expansion.
AshGrove Capital, known for backing fast-growing B2B software and services firms across Europe, was attracted by 10x Banking’s revenue trajectory, cost discipline, and its growing customer base’s deeper engagement with the platform. The company attributes its recent performance to a rising demand among financial institutions to replace aging infrastructure, which often lacks real-time capabilities, continuous product development support, and the data and adaptability required for AI-driven banking. 10x Banking offers a fourth-generation, cloud-native core banking platform designed for real-time operations, continuous product innovation, and AI-enabled financial services, assisting banks in modernizing legacy systems, reducing operational complexity, and accelerating product launches.
Antony Jenkins CBE, founder, chair, and CEO of 10x Banking, stated, “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.”
Phil Fretwell, co-founder and managing partner at AshGrove Capital, commented, “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.”
