£40m · Other round · Fintech · London, UK
10x Banking, a London-based cloud-native core banking platform used by institutions including Westpac and Chase UK, has raised £40m from AshGrove Capital. The company says the funding will expand its sales and go-to-market capacity as it responds to demand from banks modernising legacy infrastructure.
Tech.eu reports that the financing combines debt and equity. The split and valuation were not disclosed; AshGrove describes the transaction as a structured capital investment.
Core migrations have to scale beyond the first bank
10x sells the system that records and processes a bank’s accounts and transactions in real time. Its API-first platform is intended to let institutions launch products and connect other services without continuing to build on monolithic core systems. That puts the company deep inside customers’ operations: the value is not simply faster software delivery, but the ability to migrate regulated workloads while preserving the reliability expected of a system of record.
The company reported in June that its platform had passed 10 million live accounts, onboarded more than 10 new institutions and grown annual recurring revenue by over 30% in the 12 months to May 2026. It also identified planned launches and migrations in New Zealand, Australia, South Africa and Thailand. Those deployments are commercially important because core-banking software becomes more scalable only when implementations can be repeated across institutions and markets without turning each customer into a bespoke engineering programme.
Growth capital after profitability
10x says it became EBITDA-positive in the fourth quarter of 2025 and remained on track for profitability in the first half of 2026. AshGrove’s rationale is tied to that operating profile: the investor cited recurring revenue, a mission-critical product and deeply embedded customer relationships, while framing structured capital as a way to fund growth without relying solely on common equity. For 10x, the immediate task is to convert the new commercial capacity into more live deployments; the company’s account scale and go-live record provide evidence of adoption, but delivery across additional banks will determine how efficiently the platform expands.
Explore this theme
EUVC · 8 July 2026. Alex Manson’s discussion of SC Ventures examines why banks’ transformation efforts work best when building, partnering and investing reinforce one another, a useful counterpart to 10x’s role as infrastructure sold into regulated incumbents.
Sources checked:
10x Banking funding announcement · AshGrove Capital announcement · 10x Banking H1 update · Tech.eu reporting · Tech.eu Funding Explorer
Image: 10x Banking, via the company’s official funding announcement.
