10x Banking raises £40M from AshGrove after turning profitable
What's the deal? 10x Banking has raised £40 million ($53.7 million) in a late-stage round led by AshGrove CapitalDealroom has a profile for this one. Try Dealroom →. The London-based company runs a cloud-native core banking platform that helps financial institutions replace legacy systems with real-time, API-first infrastructure.
The numbers: 10x reached EBITDA profitability for the first time and grew annual recurring revenue by more than 30% over the prior year. It also surpassed 10 million live accounts and onboarded more than 10 new clients.
What's the endgame? The platform is built to let banks migrate from legacy estates or launch new propositions faster, with the data flexibility needed for AI-enabled banking. It already powers institutions including Chase UKDealroom has a profile for this one. Try Dealroom → and WestpacDealroom has a profile for this one. Try Dealroom →.
Why now? The company will use the funds to expand sales and go-to-market capabilities as demand for real-time banking infrastructure accelerates. "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," said Antony Jenkins, founder, chair, and chief executive officer.
Why is AshGrove investing? The firm sees the shift to cloud-native platforms as a lasting industry tailwind as banks face pressure to modernise. "Delivering a cloud-native platform at enterprise scale is exceptionally difficult, yet 10x has already proven its capabilities across millions of live accounts," said Phil Fretwell, co-founder and managing partner of AshGrove Capital.
The signal: At £40 million, the round sits above the 90th percentile for late-stage enterprise software deals in the UK. The size reflects growing appetite for the unglamorous but essential work of core banking modernisation, especially from firms that pair growth with a path to profit.
Read more: FF News
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