10x Banking, a core banking platform provider set by ex-Barclays chief Antony Jenkins, has secured £40m ($53.9m) in new funding from AshGrove Capital.
The new capital is intended to back further growth in 10x Banking’s sales and market-facing teams.
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AshGrove Capital co-founder and managing partner Phil Fretwell said: “10x Banking has built one of the most compelling technology platforms in core banking today.
“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.”
10x Banking said the funding reflects AshGrove’s view of its revenue expansion, control of costs and the continued commitment of existing clients to its platform.
During the past year, the fintech firm reported that it moved into positive EBITDA, exceeded 10 million active accounts, signed more than 10 additional financial institution clients and lifted annual recurring revenue by over 30%.
10x Banking founder, CEO and chair Antony Jenkins said: “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.”
In May, 10x Banking entered a partnership with Tweezr, a business working on deterministic AI for the interpretation of legacy systems, with the aim of reducing risk in core banking migration work.
The partnership focuses on a longstanding issue in core system change programmes: limited dependable understanding of complex legacy technology estates at system level.
