10x Banking Raises £40M for Core Banking Modernization

10x Banking, the UK-based fintech firm founded by former Barclays CEO Antony Jenkins, has successfully closed a significant funding round totaling £40 million. This capital injection, a blend of debt and equity, comes from AshGrove Capital, a prominent European investor focused on B2B software solutions. This marks the company's first fundraising effort since 2024, signaling a renewed push for growth and market expansion.

The substantial investment will be strategically deployed to bolster 10x Banking's go-to-market capabilities. The company specializes in providing cloud-native core banking software, designed to equip established financial institutions with the agility required for real-time, digital operations. Its technology underpins critical functions for major clients, including JP Morgan's UK digital bank (Chase UK), Westpac, and Old Mutual, demonstrating its capacity to handle large-scale deployments.

Antony Jenkins, who also serves as 10x Banking's Chair and CEO, highlighted the persistent challenge faced by many financial institutions: legacy infrastructure hindering digital transformation. "Our platform is now proving its value at significant scale," Jenkins stated. "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." The company reported onboarding over 10 new financial institutions in the past twelve months, underscoring increasing market adoption.

The fintech sector continues to see robust investor interest, particularly in solutions that promise operational efficiency and enhanced customer experience. Core banking modernization is a critical area, as traditional banks grapple with the need to compete with nimble digital challengers. The global core banking market is projected to grow substantially, driven by digital transformation initiatives and the demand for flexible, scalable platforms. 10x Banking is positioned to capitalize on this trend, offering a modern alternative to outdated systems.

This funding round follows a period of significant development for 10x Banking. In 2024, the company secured approximately £34 million, with participation from key existing backers such as BlackRock and JP Morgan. The latest infusion from AshGrove Capital provides further validation of the company's strategic direction and its potential to disrupt the traditional banking technology market. The undisclosed valuation indicates confidence from both the company and its investors in its future trajectory.

The strategic partnership with AshGrove Capital, a specialist in B2B software, aligns well with 10x Banking's business model. Their focus on enterprise-grade solutions suggests a shared understanding of the complexities and opportunities within the financial services technology space. This capital will enable 10x Banking to accelerate product development, expand its sales and marketing efforts, and further solidify its position as a leader in the next generation of banking infrastructure.