London-based credit manager AshGrove Capital has invested £40 million into 10x Banking, a core banking technology company founded by former Barclays CEO Antony Jenkins. This structured capital investment represents 10x Banking’s first major funding round since BlackRock and JP Morgan Chase co-led a $45 million round at the start of 2024. The new capital is earmarked for building out 10x Banking’s sales and go-to-market capabilities.

Established in 2016, 10x Banking has also received backing from investors including CPP Investments, Nationwide Building Society, Westpac, and China’s Ping An Group. The company achieved EBITDA-positive status in Q4 2025 and reported an approximately 30% increase in Annual Recurring Revenue (ARR) in the 12 months leading up to May 2026.

During the same period, 10x Banking’s platform surpassed 10 million accounts in production and onboarded 10 new financial institutions. Antony Jenkins commented on the platform’s performance, stating it is “now proving its value at significant scale.”