10x Banking has raised £40 million from AshGrove Capital to accelerate global expansion and increase sales and go-to-market activity for its cloud-native core banking platform.
The financing follows a period of improving financial performance for 10x, which became EBITDA-positive during the past 12 months while increasing annual recurring revenue by more than 30%. The company also surpassed 10 million live customer accounts and added more than 10 financial institutions during the period.
10x provides core banking infrastructure designed to help financial institutions replace legacy systems with technology capable of operating in real time. Its customers include Westpac and Chase UK.
The platform is designed around continuous product development, real-time banking operations, and infrastructure that can support AI-enabled financial services.
10x sees growing demand as banks seek to modernize systems that were originally designed around older operating models and can make it difficult to launch products quickly, access real-time data, or incorporate new AI capabilities.
AshGrove Capital joins 10x as a new investor. The firm focuses on high-growth B2B software and services businesses across Europe.
The new capital will strengthen 10x’s balance sheet while giving the company additional resources to expand internationally and pursue banks seeking to modernize their core technology.
KEY QUOTES:
“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.”
Antony Jenkins CBE, Founder, Chair and CEO of 10x Banking
“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.”
Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital
“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.”
Nadir Guessoum, CFO of 10x Banking
