AshGrove Capital invests £40 million in 10x Banking

10x Banking has raised £40 million from AshGrove Capital to accelerate its global expansion and boost sales and go-to-market activity for its cloud-native core banking platform. AshGrove Capital joins as a new investor, and the firm focuses on high-growth B2B software and services businesses across Europe.

The company said it became EBITDA-positive over the past 12 months, increased annual recurring revenue by more than 30%, surpassed 10 million live customer accounts and added more than 10 financial institutions. Its platform helps banks replace legacy systems with real-time infrastructure, and the new capital is intended to strengthen the balance sheet and fund international expansion.

Founder, Chair and CEO Antony Jenkins said the platform is proving its value at significant scale. AshGrove co-founder and managing partner Phil Fretwell described 10x as one of the most compelling core banking technology platforms today.