10x Banking raises $53.4m from AshGrove Capital

By Milan Rojan

UK-based core banking technology provider 10x Banking has secured $53.4 million in growth funding from AshGrove Capital, as the company will expand its commercial operations following a sustained period of profitability.

The investment comes after 10x Banking has achieved EBITDA profitability over the past year while continuing to expand its customer base and recurring revenue. The company said it has surpassed 10 million live accounts, has onboarded more than 10 financial institutions and has increased annual recurring revenue (ARR) by more than 30% during the past 12 months.

Antony Jenkins CBE, Founder, Chair and Chief Executive Officer 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.”

Founded by former Barclays chief executive Antony Jenkins, 10x Banking has provided a cloud-native core banking platform designed to help financial institutions replace legacy infrastructure with real-time, data-driven systems. Its platform is used by major banks including Westpac and Chase UK.

The fresh capital will be used to strengthen the company’s sales and go-to-market capabilities as it has targeted further growth across global banking markets.

Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital, said the company has demonstrated its ability to deliver enterprise-scale cloud-native banking technology across millions of live accounts. He added that the business is well positioned to benefit as banks continue replacing legacy systems with more flexible, real-time and artificial intelligence-ready platforms.

The company will remain focused on helping financial institutions modernise legacy core banking infrastructure with cloud-native, real-time technology while meeting growing demand for AI-enabled banking services.