10x Banking, a cloud-native core banking platform for financial institutions, has raised £40 million in funding from AshGrove Capital, an investor in high-growth B2B software and services businesses across Europe. Powering some of the world's largest financial institutions, including Westpac and Chase UK, the fourth-generation platform helps banks modernise legacy infrastructure that was not designed to operate in real time.
Over the last 12 months, 10x Banking became EBITDA-positive, surpassed 10 million live accounts, onboarded more than 10 new financial institutions and increased annual recurring revenue by over 30%. These results reflect demand from financial institutions seeking to modernise legacy infrastructure that was not designed to operate in real time, support continuous product innovation, or provide the data and flexibility required to support AI-enabled banking.
Joining as a new investor, AshGrove Capital pointed to a track record of revenue growth, disciplined cost management and a client base that has continued to extend its commitment to the platform. The investment will support the continued expansion of 10x Banking's sales and go-to-market capabilities.
Founded in 2016 by former Barclays CEO Antony Jenkins, 10x Banking is a B Corp certified company headquartered in London, with a presence in Sydney. Backing from AshGrove follows earlier support from global investors including BlackRock and J.P. Morgan.
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 10xto 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.
0x 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. 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. With a proven platform and deep domain expertise, we see a significant opportunity for 10x to continue expanding its role in the next generation of banking technology.
We are thrilled to partner with AshGrove, with their investment strengthening our balance sheet and supporting our strategic growth priorities. 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.
