10x Banking has raised GBP 40 million from AshGrove Capital, following a year of profitability, account growth, and expanded revenue.
The investment follows a period in which 10x Banking became EBITDA-positive while continuing to grow its client base and revenue.
Per the official press release, over the past twelve months, 10x Banking reported that it became EBITDA-positive, surpassed ten million live accounts, and onboarded more than ten new financial institutions. The company also stated that its annual recurring revenue (ARR) increased by over 30% during the same period.
According to 10x Banking, these figures reflect demand from financial institutions looking to replace legacy infrastructure that was not designed for real-time processing, continuous product development, or the data requirements associated with AI-enabled banking services.
Antony Jenkins, founder, chair, and chief executive officer of 10x Banking, said financial institutions face constraints from infrastructure that was not built for real-time, digital banking, and that the company was created to address this gap. He added that the AshGrove investment supports the company's ability to meet demand from banks internationally.
Use of proceeds and strategic context
The funding is intended to support the continued expansion of 10x Banking's sales and go-to-market capabilities. AshGrove Capital becomes a new investor in the company, joining what 10x Banking describes as a client base that has continued to extend its use of the platform.
Phil Fretwell, co-founder and managing partner of AshGrove Capital, said the firm's decision reflects confidence in 10x Banking's revenue growth, cost management, and technical execution at scale, noting that delivering a cloud-native banking platform across large volumes of live accounts represents a significant operational undertaking.
Nadir Guessoum, chief financial officer of 10x Banking, said the AshGrove investment strengthens the company's balance sheet and supports its growth strategy, and that reaching EBITDA profitability alongside continued ARR growth reflects the commercial progress made to date.
The transaction takes place against a backdrop in which banks across multiple regions are reassessing legacy core banking infrastructure. Financial institutions are increasingly citing requirements for real-time processing, faster product deployment, and data architectures capable of supporting AI-based banking applications as reasons to modernise underlying systems. 10x Banking's position as a fourth-generation core banking platform provider, working with institutions such as Westpac and Chase UK, places the funding within this broader pattern of infrastructure renewal across the banking sector.
