10x Banking Secures £40m Investment from AshGrove Capital Following Shift to Profitability

Quick Summary

10x Banking has secured £40 million in funding from AshGrove Capital to accelerate its global expansion. The core banking platform recently achieved EBITDA profitability, surpassing 10 million live accounts and growing annual recurring revenue by 30% as banks seek to replace legacy infrastructure with real-time, AI-ready technology.

How Does 10x Banking Solve Legacy Infrastructure Challenges?

10x Banking provides a 4th-generation, cloud-native core banking platform designed to replace monolithic legacy systems that hinder real-time innovation. By offering an API-first architecture, the platform enables financial institutions to launch products faster and operate with the data flexibility required for AI-enabled banking. Key performance indicators from the last year include:

• Achieving EBITDA-positive status for the first time.
• Surpassing 10 million live accounts globally.
• Onboarding more than 10 new clients.
• Increasing Annual Recurring Revenue (ARR) by over 30%.

What Results Has the 10x Platform Delivered for Major Banks?

The platform is already proven at enterprise scale, powering major institutions such as Chase UK and Westpac. It allows these banks to migrate from brownfield estates or launch greenfield propositions with a de-risked modernization path. The recent £40m investment from AshGrove Capital will be utilized to further expand sales and go-to-market capabilities, meeting the accelerating demand for real-time banking infrastructure.

“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,” said Antony Jenkins CBE, Founder, Chair and CEO of 10x Banking.

Why is AshGrove Capital Investing in Core Banking Now?

AshGrove Capital views the transition to cloud-native platforms as a critical industry tailwind. As banks face pressure to modernize, 10x Banking’s disciplined cost management and proven track record make it a primary beneficiary of this shift. The investment strengthens the 10x balance sheet, ensuring the firm can support the next generation of banking technology deployments across Europe and beyond.

“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,” said Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital.

FF NEWS TAKE:

This £40m raise definitely moves the needle. Achieving EBITDA profitability while maintaining 30% ARR growth is a rare feat in the current fintech climate. By securing AshGrove Capital as a partner, 10x Banking proves that the 'boring' but essential work of core banking modernization is where the real value lies. As AI-ready infrastructure becomes a non-negotiable for Tier-1 banks, 10x is perfectly positioned to dominate the legacy replacement market.