10x Banking Raises £40 Million From AshGrove Capital

Founded in 2016 by former Barclays CEO Antony Jenkins, London-based 10x Banking supplies cloud-native core banking software designed to help financial institutions replace legacy systems and launch real-time digital products. Its blue-chip clients include Westpac in Australia, JPMorgan Chase in the UK and Old Mutual in Africa. The company operates in a competitive market as banks seek to modernise core infrastructure while limiting the cost and operational risk of replacing critical systems.

On Aug. 5, 2026, 10x Banking said it secured a £40 million structured-capital investment from new backer AshGrove Capital, its first major raise since a $45 million round led by BlackRock and JPMorgan Chase in early 2024. The company became EBITDA-positive in the fourth quarter of 2025. In the 12 months through May 2026, ARR rose more than 30%, live production accounts exceeded 10 million and more than 10 financial institutions were added. The funds will expand sales and go-to-market capabilities.