AshGrove Capital has led a £40 million funding round for 10x Banking. The funding follows a year of growth in which the company achieved EBITDA positivity for the first time. The firm grew ARR by 30% year-over-year and added 10 new financial institutions.
Recent customer wins include Remara and New Zealand’s Co-Operative Bank. 10x Banking also signed partnerships with HassemPrag in South Africa and Tweezr. These deals demonstrate the rising demand from financial institutions seeking to modernise their technology stacks.
The 10x Banking platform delivers a modern solution operating in real time and supports continuous product and service innovation. AI powers the platform, surfacing insights from data to deliver the agility modern institutions require.
AshGrove Capital backs a trend highlighted by Accenture research that found that “86% of executives plan to increase their generative AI (GenAI) investments in 2025; 80% expect AI’s value to exceed expectations. Yet only 34% of organizations have scaled AI for a core process.”
Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital, said, “10x 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.”
Funding for Growth
The additional funding will fuel further growth for 10x Banking. With the new funds, it will now hope to accelerate that growth through strengthening its go-to-market and sales teams, though, has not given an indication of where it will focus. In the second half of 2026, it aims to see an additional 500,000 customer accounts go live as customers from across New Zealand, Australia, South Africa and Thailand go live.
Antony Jenkins CBE, Founder, Chair and CEO of 10x Banking, 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.”
10x Banking did not disclose a valuation at the time of funding, and this is the first time it has raised funds since January 2024. AshGrove Capital joins existing investors such as BlackRock and JPMorgan Chase.
Nadir Guessoum, Chief Financial Officer, 10x Banking, said, “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.”
Enterprise Times: What does this mean?
This is a significant boost for 10x Banking as it looks to accelerate growth. Without funding, it would still have continued to grow but not at a rate that would allow it to take a meaningful share of the market. It is competing with a growing number of AI-powered banking solutions. This investment will enable it to be in more deals, invest further in the product and accelerate its growth.
As Jenkins noted in a recent Sky News interview, “Every bank wants to be an AI bank, but almost none can be, on a forty-year-old core.”… “That is the opportunity in front of us.”
Jenkins now has the means as well as the motive and opportunity to make a killing in the banking market. While 10x Banking still competes with the large legacy platforms such as Temenos, Finastra and Infosys, this funding should help it overcome more modern rivals such as Thought Machine, Mambu and FIS.
