10x Banking raises £40 million from AshGrove Capital after turning profitable
10x Banking raises £40 million from AshGrove Capital after turning profitable #
10x Banking, the cloud-native core banking platform founded by former Barclays chief executive Antony Jenkins, has closed a £40 million funding round from AshGrove Capital, a London-based pan-European credit manager focused on software and technology businesses. The capital, structured as a combination of debt and equity, is the company’s first external raise since January 2024 and comes after its first sustained period of profitability.
Founded in 2016, 10x Banking offers a SaaS core banking operating system designed to give financial institutions a cloud-native alternative to legacy infrastructure. Its clients include Australia’s Westpac and Chase UK, the retail banking brand JPMorgan Chase uses for its British consumer operations.
The company said it reached EBITDA-positive status in the fourth quarter of 2025 and expects to hold that position through the rest of 2026. Annual recurring revenue grew by more than 30 per cent in the twelve months to May 2026, and the platform has passed ten million live customer accounts, which the company described as a marker of enterprise-scale adoption.
10x Banking added more than ten new clients over the past year across Asia-Pacific, North America, the Middle East and the United Kingdom. The company declined to disclose the valuation at which the equity portion of the round was priced.
Phil Fretwell, co-founder and managing partner of AshGrove Capital, said the firm viewed 10x as having built “one of the most compelling technology platforms in core banking today,” noting that delivering a cloud-native platform at genuine enterprise scale was exceptionally difficult to achieve. AshGrove, founded in 2019, targets senior secured credit positions in B2B software businesses and typically invests between $5 million and $40 million per transaction.
Core banking replacement has become an active market as established lenders look to move off older technology systems, with competition from digital challengers and the spread of AI tools adding pressure to modernise. 10x Banking positions itself as built for an AI-first era and is among a small group of vendors competing for modernisation contracts at large incumbent banks.
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